Stauff and Stephen Calhoun of Colliers International's Commerce office represented the buyer of the building, a private investor. The seller was Oakmont Redlands Palmetto Ave. LLC, which was represented by Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield.
The buyer acquired the property with intent to hold as a long-term investment, notes Stauff. He describes the property site as "a prime location within the East Inland Empire" that is close to the San Bernardino International Airport and major highways, such as the Interstate 10 freeway. Colliers has already received "a large amount of interest from companies within and outside of the region" regarding the Palmetto Avenue property, he says.
The Redlands building is one of two Inland Empire industrial properties that Stauff has closed on lately. In the other deal, a sale-leaseback, a private investor acquired a 139,630-sf property at 12903 Jurupa Ave. in Fontana from Ryko Products for $10 million.
Ryko, one of the world's largest custom profile plastic extruders, occupies the facility, which serves as the company's headquarters as well as its manufacturing and distribution hub. Ryko Products originally acquired the building in 2003 as an owner/user investment, Stauff explains. "With the sale-leaseback, Ryko will continue to run its operations from the same space on a competitive lease structure," he says. Stauff, Calhoun and Michael McCrary of Colliers' Ontario office represented the buyer and the seller.
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