Industrial properties in the western Inland Empire are in high demand. In a noteworthy transaction, a representative of Lee & Associates reports, The Associates Equity Fund (AEF) has acquired an industrial portfolio in West Corona, California from a private seller for $14.3 million.
While the rep reports that the portfolio contains four buildings, only three are described in its statement: a 25,000-square-foot multi-tenant industrial building and two free-standing industrial buildings of 32,000 square feet and 108,000 square feet. SoCal Real Estate has reached out to the rep for clarification but did not receive any new information before deadline.
The source says that Jeff Ruscigno and Brian Tressen of Lee & Associates Riverside represented the buyer, while Zach Niles and Louis Tomaselli of JLL represented the seller and that both brokerage firms will be acting as the property’s exclusive leasing agents.
In a statement supplied by the source, Ruscigno calls the deal “a unique opportunity for AEF to acquire a range of functional and well-located properties in potentially the best industrial market in the country.”
The transaction is the sixth and latest of the AEF series of funds, says the rep, which also reports that AEF is in the process of the design and demo/TI work for the buildings with the intent to bring the properties to the market for lease immediately. AEF’s six funds include industrial, R&D, and office space totaling over 450,000 square feet.