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Avison Young brokers $19.8 million acquisition of a 139,000-sf industrial building in Jurupa Valley, CA
December 14, 2021
Ontario, Calif. – Avison Young announced today the $19.8 million acquisition of a vacant 139,000 square-foot (sf) industrial building located at 10220 San Sevaine Way in Jurupa Valley, CA.
Avison Young Principals Stan Nowak and Cody Lerner represented the buyer, San Diego-based real estate investment and management firm, Stos Partners. The seller, a private company, was also represented by Nowak and Lerner along with Principal John Pinjuv who is based out of Avison Young’s Reno, NV office.
“The industrial property sector vacancy rate is at an all-time low which continues to create a shortage of inventory and historically high prices. We were pleased to have accomplished both parties’ goals by securing a buyer that was patient enough to grant the seller 1031 extension options,” said Lerner.
“While successfully achieving our seller client’s goal, we are equally excited to represent Stos Partners in this acquisition. We are in the process of executing a value-add strategy to lease up the property. We have multiple highly qualified tenants at the table now as availability of manufacturing-oriented properties is at record low levels statewide,” added Nowak.
Built in 1986 and situated on 8.24 acres, the asset includes approximately 7,000 sf of office space, 16 docks, three drive-in doors and 1600 AMPS of power. The property also features a large secured storage yard with drive around truck access and a long truck queuing lane.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.