CORONA, CA—CT Realty has sold the first of four Class A industrial buildings in its Magnolia Point redevelopment project in Corona. The 146,000-square-foot building, located at 1575 Magnolia Ave., was sold to Developlus Inc. for $15.3 million. Developlus is a hair products manufacturer based in Corona.
CT Realty acquired the fully-entitled redevelopment site, located on 26 acres at the intersection of Sixth Street and Magnolia Avenue, in April 2013 and built four industrial warehouse/distribution buildings totaling 528,000 square feet. The other three buildings are located at 1470 E. Sixth St., 1560 E. Sixth St. and 1475 Magnolia Ave. and are currently being marketed for sale to single-tenant owner/occupants and investors. With immediate access to Interstate 15 and the 91 Freeway, the property offers a highly visible location and proximity to numerous restaurants, banks and hotels.
“We are pleased to announce the sale of our first building at Magnolia Point,” said Mark Zehner, director of asset and property management for CT Realty. “This new business park is located in one of the most robust industrial submarkets in the country with outstanding access to Southern California's major transportation corridors, airports, rail system and the twin ports of Los Angeles. The buildings offer flexible floor plans that can meet the needs of one large tenant or several tenants with new, class A amenities.”
The building located at 1575 Magnolia Ave. acquired by Developlus is situated on 8.2 acres and features 8,680 square feet of office space along with 32-foot clear height, 18 dock high doors and two grade level loading ramps, an ESFR sprinkler system, ample parking, and a fenced and secured concrete yard. Developlus was previously located at another site in Corona.
The architect for the Magnolia Point project was RGA, Office of Architectural Design, Irvine. General contracting services were provided by KPRS Construction Services, Brea.
Jeff Ruscigno with the Riverside office of Lee & Associates Commercial Real Estate Services and Ben Seybold with CBRE's Orange, CA office represented CT Realty in the sale of the building. Walter Frome represented Developlus in the transaction.
Since its establishment in 1994, Aliso Viejo, CT Realty has completed more than 220 transactions with value in excess of $2.5 billion.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
