Toro Irrigation, a division of Bloomington, Minn.-based Toro Co., sold the 44,000-sf industrial building on 3.5 acres to AME Manufacturing of Ontario, Calif. for $1.8 million. The building is located at 5867 Jasmine St.
Brokers Eric Burney and Chris Migliori of Daum Commercial Real Estate Services, who represented both Toro and AME, say AME is expanding its operations and relocating from Ontario. AME manufactures grips for golf clubs and motorcycles.
The Daum brokers say Toro continues to occupy a 184,000-sf building at the 25-acre campus but will be vacating the building and has enlisted the two Daum brokers to find a 110,000-sf office and R&D build-to-suit facility in the Inland Empire.
Publicly held Toro's Riverside operations are one of 28 locations throughout the United States and around the world, totaling more than 4.5 million sf of space, where the company operates manufacturing, distribution, warehouse and office facilities.
Toro announced late last year that it would sell its Riverside manufacturing facilities and move those operations to El Paso, Texas, a move that is already under way, while keeping office operations in a leased building to be established in the Riverside area. It said the move was part of an overall strategy to reduce production costs in response to the recession and similar moves by its competitors.
About 145 salaried and 25 hourly employees will remain in Riverside after the shift.
In its latest quarterly financial report, Toro Co. reported net earnings of $21.9 million on sales of $375.6 million for its fiscal third quarter ended August 2, compared with $16.9 million on sales of $329.7 million the year before.
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