X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-A vacant warehouse in Redlands measuring 266,850 sf has sold for $20.4 million, and Colliers International has drawn the assignment to market the industrial building, which is at 26940 Palmetto Ave. Clyde Stauff, senior vice president of Colliers International’s Irvine office, says that the brokerage firm is targeting big-box users for the building.

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.

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.