Perris, CA – $5.7-Million Industrial Building Sold
Avison Young brokers $5.7-million sale of a 50,257-square-foot flex/industrial building in Perris, CA
Perris, CA – Avison Young, announced today that it has brokered the $5.7-million sale of 150 West Walnut Street, a 50,257-square-foot (sf) flex/industrial building in Perris, CA.
Avison Young Principal Stan Nowak and Cody Lerner, a Senior Associate, who are both based in the company’s Inland Empire office, represented the seller, WW 150 Perris, LLC, a locally based owner-occupant. The buyer, Bailey California Properties, LLC, was represented by Windemere Tower Properties. The new ownership plans to use the space as the headquarters for its engineering company Stronghold Engineering, Inc. Move-in will occur once some renovations, including the reconfiguration of the office space, are completed.
“With industrial inventory low throughout the Inland Empire area, the buyer was looking at the more costly option of new, build-to-suit construction to meet its space requirements, which included an office component and excess land,” comments Nowak. “This asset was an ideal fit and provided a more economical and quicker move-in compared to embarking on a new development.”
The property is situated on 5.23 acres of land and includes 18,257 sf of two-story office space with a large reception area, expansive warehouse space, and dock-high and grade-level loading areas. The facility also features 91 parking stalls, a 2.5-acre storage yard and convenient access to Interstate 215.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.