IRVINE, Calif. – June 7, 2017 – Liberty Glass Fabricators has acquired a newly constructed 71,054-square-foot (sf) Class A industrial facility in Corona (Riverside County) Calif. for $9.95 million from the partnership of Acacia Real Estate Group and Adler Realty Investments, the original owner/developer of the project. Cushman & Wakefield’s Brett Lockwood based in Irvine represented the buyer in the acquisition.
Liberty Glass Fabricators was previously occupying a 29,000 sf facility in Corona. Mr. Lockwood, a Director, said, “The company, whose services include custom mirrors, glass table tops, shower units, and more, and also does sandblasting and etching design in-house, acquired the facility to support its recent growth, more than doubling its production size in the city.”
He added, “Liberty Glass also required highly upgraded power from its new facility to accommodate all of its new equipment, which the developer/seller(s) agreed to deliver the building with 8,000 amps of power.”
Located at 220 Benjamin Ct. in the southern Inland Empire area, the building is situated on 3.68 acres and features a two-story 5,749 sf office, ESFR sprinklers, heavy power, 30 foot clear height, dock and grade loading, and fenced yard. The property also provides convenient access to State Route 91 and Interstate 15.
The acquisition marks another take down of a notable Class A industrial facility, as demand for well located, high quality industrial space continues to sizzle across the region. According to Cushman & Wakefield’s First Quarter 2017 Industrial Report, the City of Corona as well as the South Inland Empire vacancy rates mirrored each other at 3.1%, while the entire Inland Empire was a healthy 4.0%. Additionally, owner/user sales continue to contribute a good amount of activity in the market, as the collective Inland Empire reported nearly 730,000 sf of activity via user acquisitions in the first quarter of this year.
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