Birtcher Anchor Building Commands $20M

CORONA, CA-Birtcher Development & Investments of Irvine has sold the 289,297-sf anchor building at its Corona Crossroads industrial project to TA Associates of Menlo Park for $20.3 million. The building is occupied by US Foods, which moved into the build-to-suit warehouse and distribution center in late June and has the remainder of a 15-year lease for 210,000 sf of the facility.The sale comes as Birtcher is putting the finishing touches on the $42 million, 39.5-acre, eight-building Corona Crossroads. The building that is occupied by US Foods and was acquired by TA Associates is located at 1283 Sherborn, near the cross roads of Sherborn and Magnolia.With the influx of commercial and industrial activity in the Corona area and other parts of the Inland Empire driving demand for industrial space, the Corona Crossroads property "has significant long-term potential to grow in valuation," says Shannon Hondl, VP of development and marketing for Birtcher Development & Investments. The need to operate efficiently and to find room for expansion "are continuing to drive companies from all over Southern California to the Inland Empire," Hondl says.The US Foods building is a distribution facility that includes 60,000 sf of refrigeration and freezer space, specially insulated floors, a 30-foot clear height, ESFR sprinkler systems, a separate maintenance area and a secured yard. The Corona Crossroads site is located near rail access and close to the 91 and I-15 freeways.The campus also features dock high and grade level loading, expandable power, calculated sprinkler systems, large fenced-in yard areas, 60-foot concrete truck aprons, increased skylight ratio, institutional landscaping and reduced cost electrical power from the City of Corona. Other tenants in the business park include Imperial Range, BTL Machine, Newport Trading, and Steel Tech Inc.Darla Longo, Jim Koenig, and David Consani of CB Richard Ellis represented both parties in the sale of the US Foods building. The property was sold as a pre-construction project and drew six competitive bids.