The Inland Empire has seen no shortage of industrial deals in the last several months. One property to recently trade hands was a 40,000 square foot building in Riverside. According to public records, Los Angeles-based Orum Capital sold the asset on Feb. 3 for $17.2 million, or approximately $430 per square foot. The buyer in the transaction was a limited partnership affiliated with AST Financial.
The property is located at 1550 Marlborough Ave. on 2.67 acres of land. The building was initially constructed in 1988 and is part of the larger Commerce Square Business Park.
Commerce Square Business Park is a 128,912 square foot, four building business park located on 9.43 acres of land in Riverside’s Hunter Park.
The business park is located within close proximity to Interstate 215 and near Hunter Hobby Park. The property is surrounded by various commercial office and industrial buildings, with nearby business complexes including Freeway Industrial Park, Citrus Park, Summit Business Center and others.
Orum Capital is a full service real estate and finance company based in Los Angeles. The firm’s portfolio consists of a mix of retail, multifamily, industrial and office properties across California, Nevada, Arizona and Texas.
The recent deal makes up just one of a number of industrial transactions to take place in the Inland Empire over the last several months.
In January, for instance, Loctek Inc. acquired a 361,346 square foot distribution building in Riverside for $120 million, or $332 per square foot. The property is located at 6075 Lance Dr. and was sold to Lance Drive Logistics Center ILP LLC.
In Fontana, Rexford Industrial also closed on a 1.1 million square foot industrial property in January. According to an announcement from the company, the property, located at 10545 Production Ave. was acquired for $365 million, or about $331 per square foot. The property was purchased through a sales-leaseback transaction from the current tenant Tireco.
