Chris Migliori of the Anaheim office of GVA Daum reports that the buyers, a locally based investment group, acquired the property from another Southern California-based entity, Newport Hill Corp. Migliori represented both the buyers and the seller.
Myers occupies the entire building, which is situated on a 7.6-acre site and is the company's headquarters as well as a manufacturing and distribution facility. The Myers headquarters is a freestanding concrete tilt-up structure featuring 16,000 sf of office space, eight dock high loading doors, 26-foot minimum interior clearance, and on-site parking for 228 cars.
The property was at one time owned by Myers, which acquired it in 2004 for nearly $5.5 million in a deal in which Migliori represented Myers. The move to the Corona building enabled the electrical power systems manufacturer to consolidate former Southern California facilities in Rancho Dominguez, Santa Fe Springs and Pomona under one roof and to relocate them to a modern facility.
The acquisition reflects what brokers and builders describe as the continued strong demand for fully leased single-tenant buildings. Corona is within the Corona/Norco industrial submarket, which posted one of the lowest vacancy rates in the Inland Empire in the most recent quarterly survey by Daum.
The report, which showed the submarket's vacancy at 3.6%, noted that sales prices continue to climb, reaching new highs in most submarkets. Strong demand and abundant capital continue to keep demand levels above available supply, the report said.
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