Demand for industrial space in the Inland Empire remains high. With numerous industrial properties trading hands in recent months, industrial investors continue to test the market by placing properties up for sale.
One property currently on the market is the 120,261 square foot Riverside Business Park in Jurupa Valley. According to marketing information from Lee & Associates, the property is on the market with guidance pricing set at $25 million, or approximately $210 per square foot.
The property is located at 2902-2976 Rubidoux Blvd. Built in 1971, the property sits on 8.9 acres and consists of 22 buildings and 214 parking spaces. Unit sizes at Riverside Business Park also range in size from 1,675 to 10,337 square feet.
According to the marketing brochure, the property is fully occupied with 37 tenants. These include Metropolitan Mortuary, Acura Spa Systems, Musgrave Racing Co. and many others. Overall, average occupancy over the last 15 years at Riverside Business Park has been at a rate of 92 percent.
The property is located near the on ramp of State Route 60. The property is situated primarily amongst other industrial properties and is also within close proximity of downtown Riverside and the Flabob Airport.
Industrial assets in the Inland Empire have, for quite some time, been highly sought after by both investors and tenants. According to a third quarter Inland Empire East industrial market report from Lee & Associates, vacancy rates in the region continue to be at record low levels of 0.79 percent. At the same time, average rental rates recorded at $15.44 per square foot in the third quarter of the year. In total, the Inland Empire East’s industrial inventory consists of approximately 275.89 million square feet.
