X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

CORONA, CA-In one of the most unusual uses for an industrial building lately, Pole Position Raceway Inc. has signed an 84-month, $1.9 million lease for a 51,000-sf former manufacturing building at 1594 Bentley Drive that will house an indoor kart racing facility. Chris Migliori of GVA Daum, who represented Pole Position, reports that the tenant obtained a non-conforming use permit from the city of Corona and has renovated the building to accommodate the racing.

The industrial building now features a European-style quarter-mile race track, game room, arcade, pro shop, concession stands and a 700-sf VIP room for private parties. Migliori says that Pole Position plans to remain open 365 days a year, offering Italian-made electric Pro-Karts that reach speeds of 45 mph. Rick John and Ken Anderson of Collins Commercial represented the landlord, Three J’s LP.

The Pole Position deal was one of three industrial transactions to close recently in Corona. In the larger of the other two, pipe fittings maker Star Pipe Products Inc. bought a 110,752-sf industrial building at 1223 Sherborn St. in the Corona Crossroads Business Park from Birtcher Anderson Properties of Laguna Niguel for $8.5 million to serve as its regional distribution facility. Star Pipe is relocating to the Corona building from leased facilities in Riverside.

Star Pipe plans to occupy approximately 60% of its new property and offer the balance of 50,708 sf for lease, with Grubb & Ellis Co. as its leasing agent. The company was represented by Shawn Kelter of Grubb & Ellis’ Anaheim office and Karl Heim of Commercial Realty Advisors. Jim Koenig and Dave Consani of CB Richard Ellis represented the seller.

In the third Corona transaction, paper packaging maker Advanced Paper Forming acquired a 15,360-sf industrial building at 541 Rincon St. from an individual investor for $1.9 million. The buyer was represented by Paul Gingrich and Chris Migliori of GVA Daum, with the seller represented by Chuck Hardy of Lee & Associates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.