Moreno Corp Center Sale Reflects East Riverside Strength
Moreno Corporate Center, a five-building 139,015-square-foot industrial/flex business park, recently sold for $20.3 million. The center is located at 14300, 14320 and 14340 Elsworth St., and 22620 and 22640 Goldencrest Dr. in Moreno Valley, CA (east Riverside County).
Moreno Corporate Center was built in 1989 on slightly more than 9 acres. The asset was 96 percent occupied by 46 tenants at the close of escrow. The property features 77 ground-level doors, 396 parking spaces and several remodeled suites. The asset is less than one-mile east of Interstate 215.
The buyer, Bay Area-based Vertical Ventures Capital LLC, was represented by Phil Linton of CBRE. Alan Pekarcik and Chris Smith, who are based in Avison Young’s Irvine office, represented the seller, a Southern California-based private investor.
“This property is located in a strong industrial area that features a number of new big-box distribution centers,” said Smith. “Over recent years, there has been minimal construction of small-bay industrial product in this submarket, making Moreno Corporate Center attractive to both investors and small- to mid-sized tenants.”
Moreno Valley has posted declining vacancy rates and increased rental rates in the past few years, while becoming increasingly sought after by both national tenants and institutional investors.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.