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Avison Young brokers $20.3 million sale of Moreno Corporate Center in Moreno Valley, CA19 Jul 2021
Irvine, CA – Avison Young announced today that it has brokered the $20.3 million sale of Moreno Corporate Center, a five-building, 139,015 square-foot industrial/flex business park located at 14300, 14320 and 14340 Elsworth Street and 22620 and 22640 Goldencrest Drive in Moreno Valley, CA (east Riverside County).
Alan Pekarcik, Principal and Chris Smith, Senior Associate who are based in Avison Young’s Irvine office represented the seller, a Southern California-based private investor. The buyer, Bay Area-based Vertical Ventures Capital, LLC was represented by Phil Linton of CBRE.
Built in 1989 and situated on just over nine acres, the asset was 96 percent occupied by 46 tenants at the close of escrow. The property features 77 ground-level doors, 396 parking spaces, and several remodeled suites. The asset is less than one-mile east of Interstate 215.
“This property is located in a strong industrial area that features a number of new big-box distribution centers,” said Smith. “Over recent years, there has been minimal construction of small-bay industrial product in this submarket, making Moreno Corporate Center attractive to both investors and small- to mid-sized tenants.”
Moreno Valley has witnessed declining vacancy rates and increased rental rates over the past few years, while becoming increasingly sought after by both national tenants and institutional investors.
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