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Avison Young brokers $3.725 million sale of an 18,090-sf industrial building in Riverside, CA18 Aug 2021
Ontario, Calif. – Avison Young announced today the $3.725 million sale of a 18,090 square-foot industrial building located at 887 Marlborough Avenue in Riverside, CA.
Avison Young Principals Cody Lerner and Stan Nowak who are located in the firm’s Inland Empire office, represented the seller, Riverside-based New Power, Inc. who will leaseback the property for its solar panel business. The buyer, a private investor, was represented by Berkshire Hathaway.
“The industrial property sector continues to see a shortage of inventory which is creating historically high prices. We were pleased to have accomplished our seller client’s financial and operational goals by facilitating a sale-leaseback of the building,” said Lerner.
“We have worked with Cody and the Avison Young team for years on various deals and we couldn’t be happier about this deal and the way everything turned out. We received excellent guidance and support during the whole process,” said Thomas Shaffer, Founder and CEO of New Power, Inc.
Built in 2002 and situated on 1.25 acres, the asset includes substantial capital improvements completed in 2017, 50 percent office space, solar panels, one drive-in door and upgrades throughout.
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