RIVERSIDE, CA-Buyers have spent more than $12 million for industrial properties here and in Orange County in two recently closed deals. The transactions include an $8.9 million sale here and a $3.4 million sale in Irvine.
In the Riverside acquisition, a private individual bought a 77,000-sf building at 7888 Lincoln Ave. from T&C Development for $8.97 million. The seller was represented by Gary Stache, Pat Scruggs and Anthony DeLorenzo of the Newport Beach office of CB Richard Ellis.
In the Irvine transaction, locally based BMD Investment Group acquired a 25,185-sf industrial building at 15 Chrysler in the Irvine Spectrum for $3.4 million, according to GVA Daum. Chris Migliori of GVA Daum, who represented the buyer, reports that BMD bought the property for a tenant that wants to upgrade to a larger building.
The seller of the building was Iger Investments LLC, which was represented by Andy Walburger of Lee & Associates. The property is situated on slightly more than one acre and features 7,500 sf of office space.
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