Elite Fuels Transportation appears to be expanding its presence in Riverside, recently acquiring a 51,138 square foot industrial property in the city’s south end. According to public records, the property was acquired for $22.8 million, or about $445 per square foot. The property was sold by an entity linked to Michael Frabotta, president of Steel Unlimited Inc.
The property, located at 3200 Myers St., is currently occupied by Steel Unlimited Inc., the company’s website shows. The property consists of two buildings constructed in 1964 and 1972 as well as 3.97 acres of land. The site has been used by Steel Unlimited Inc. as a hub for its steel manufacturing operations, which service various industries, including construction, aerospace, naval, aviation, transportation and more, the company’s website shows.
Elite Fuels Transportation was founded in 2009 with a goal of transporting gasoline throughout the Southwestern United States. The transportation company has its corporate office approximately 10 miles north of the recently acquired site at 2155 Chicago Avenue, Riverside. Elite Fuel Transportation’s plans for the new site are currently unclear.
The recent acquisition is just one of many seen in Riverside’s industrial market over the past year.
In one recent transaction, an entity linked to EQT Exeter sold a 596,090 square foot distribution center in Riverside to an entity tracing to Mike Kupferstein of High Tech Logistics for $78 million, or about $131 per square foot, according to The Registry’s previous reporting. The property is located at 14063 Brown Street on 35 acres. Â
Prior to that in January of this year, Loctek Inc. sold a 361,346 square foot distribution facility in Riverside for $120 million, or about $332 per square foot. The property, which is located at 6075 Lance Drive, was sold to Lance Drive Logistics Center ILP LLC.
