FILE: JLL’s illuminated sign on an office building in Pittsburgh, photographed June 11, 2019. The photo does not show the Corona property. Tony Webster / Wikimedia Commons / CC BY-SA 2.0. Cropped. Adapted image: CC BY-SA 2.0.
Faropoint has bought a fully leased industrial building in Corona, California, for $21.5 million in a sale arranged by JLL Capital Markets, the brokerage announced Nov. 12.
The 116,555-square-foot property at 725 E. Harrison St. sits on 5.87 acres in the Inland Empire West industrial market. JLL represented the seller, which it did not name in the announcement.
The building is occupied by a long-standing industrial tenant serving the aerospace, automotive and medical industries, JLL said. The announcement did not identify the tenant or disclose how long its lease has left to run.
Built in 1991, the facility has seven loading dock positions, with room to increase that number to nine, and four doors that allow vehicles to enter at ground level. It also has 222 parking spaces and interior clear heights ranging from 27 to 29 feet, according to JLL.
The sale gives Faropoint an existing, income-producing industrial property rather than a vacant development site. JLL described the facility as fully leased but did not release its rent, operating income or the buyer's financing terms.
The Corona location has access to State Route 91 and Interstate 15, along with state routes 71 and 60. JLL said those connections allow the property to serve Los Angeles, Orange, San Diego, Riverside and San Bernardino counties.
Director Makenna Peter led JLL's Capital Markets team on the sale. Executive Managing Director Luke McDaniel and Managing Director Hunter McDonald were on the firm's leasing team.
Source: JLL
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