The Inland Empire, which is home to a number of industrial properties, has seen a significant amount of sales transactions within the sector over the last several months. One property that could be added to the mix is an 88,912 square foot asset in Riverside. The property was recently placed up for sale, with an asking price of $25.56 million, or about $287 per square foot, according to a marketing brochure from CBRE, which serves as the listing agent.
CBRE’s Sammy Cemo and Bryan Johnson are marketing the property, which is owned by an entity linked to Ogden 26, according to public records.
Known as Commerce Square, the property is located at 1737, 1777 and 1989 Atlanta Avenue. The property consists of two multi-tenant flex buildings and a single-tenant school on nearly seven acres of land.
The asset is fully occupied by 14 tenants, including Honeywell, the State of California, DePuy Synthes, United Truck Driving School and others. Commerce Square has a weighted average lease term of four years.
The property is part of the Hunter Industrial Park, the largest master planned park in the area. The surrounding area is home to a number of industrial properties, with nearby companies including Walmart, Nordstrom and others. The property is also at the convergence of the I-215, SR-60 and SR-91 freeway interchange, providing easy access to other parts of Southern California.
Overall, the Inland Empire is home to 649 million square feet of industrial product, according to CBRE. In Riverside, there is approximately 58.4 million square feet of industrial inventory, with a vacancy rate of just 1.6 percent.
