The property is at 235 Radio Rd. and is fully leased toCertainTeed Corp., which manufactures and markets vinyl windows anddoors for the residential market. The CertainTeed building featuresaccess to and visibility from the Interstate 91 freeway.

|

The deal is the latest in a series of acquisitions, developmentsand dispositions in Corona for Master Development, according toBryan Bentrott, executive vice president of the Newport Beach-basedfirm. Since 2002, the company has built and sold 27 buildings from7,000 sf to 45,000 sf in the Corona market.

|

Master Development was attracted to 235 Radio Rd. initiallybecause it was near one of the company's previous developments andit bought the property at a price below replacement cost. After MDCacquired the building, it signed the tenant to a lease renewal, sothe new buyer is inheriting a stable income stream, Bentrottadds.

|

The acquiring entity in 2007 was a joint venture formed by MDCand GE Asset Management, the manager for General Electric Co.'sprimary US pension plan. MDC and GE Asset Management formed the$185 million joint venture to acquire and develop industrialproperties in Southern California.

|

In the recent sale, both MDC and the buyer were represented byJedd Zaun and Bill Garrett of the Newport Beach office of Lee &Associates. Now that MDC has completed this sale, it is turning itsfocus to the development of West Corona Commerce Center, a321,000-sf manufacturing, warehouse and corporate headquartersbuilding in West Corona. That building is scheduled to be completedby late this year.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.