Aliso Viejo, CA-based CT Realty announced this week that it had sold the first industrial building in its Magnolia Point redevelopment in Corona, California to Developlus Inc., a hair products manufacturer, for $15.3 million. Jeff Ruscigno with the Riverside office of Lee & Associates Commercial Real Estate Services and Ben Seybold with CBRE's Orange, CA office represented CT Realty in the sale of the building at 1575 Magnolia Ave. Walter Frome represented Developlus in the transaction, according to a GlobeSt.com report.
"We are pleased to announce the sale of our first building at Magnolia Point," said Mark Zehner, director of asset and property management for CT Realty. "This new business park is located in one of the most robust industrial submarkets in the country with outstanding access to Southern California's major transportation corridors, airports, rail system and the twin ports of Los Angeles. The buildings offer flexible floor plans that can meet the needs of one large tenant or several tenants with new, Class A amenities, great freeway access and a range of nearby services. Corona continues to be an exciting market for us and we are actively seeking additional investment and development opportunities in the region."
CT Realty acquired the fully entitled redevelopment site, located on 26 acres at the intersection of Sixth Street and Magnolia Avenue, in April 2013 and built four industrial warehouse/distribution buildings totaling 528,000 square feet. The other three buildings are currently being marketed for sale to single-tenant owner/occupants and investors. The architect of record for the Magnolia Point project was RGA, Office of Architectural Design; general contracting services were provided by KPRS Construction Services Inc.
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