Daum Commercial Real Estate Services, a provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management, has completed the sale of a 49,561-square-foot industrial building in Corona, California. The total consideration for sale of the building was $15.99 million.
“The sale of this property was the culmination of a yearlong project with our client to renovate and reposition a 1980’s vintage industrial property,” said Charles Johnson, SIOR, executive vice president and principal at Daum Commercial. “The transaction demonstrates that even in a challenging market, properties that cater to the masses by way of efficient loading, minimal office, and excellent location, will attract buyers and lenders willing to finance the purchase.”
The property at 1141 California Ave. in Corona, Riverside County, was built in 1988. In 2023, the asset was purchased by PPVS Properties LLC. With the assistance of Daum Commercial, the company renovated the property and repositioned the site for possible industrial lease or sale.
The free-standing industrial building of over 49,000 square feet sits on a more than 2.5-acre site with ample space for employees, customers and commercial truck parking. The warehouse building consists of cross-dock loading with four grade-level doors and six dock-high doors. The property has a fenced-in yard area, an interior warehouse clearance of 24 feet, and a 2,169-square-foot office space. The warehouse, office, yard,and loading areas were all fully renovated to a turnkey, move-in position.
The Daum Commercial team of Johnson, Joseph Harmon, SIOR and Noah Samarin, executive vice president and principal, represented the seller. Clyde Stauff, SIOR, Jace Gan and Jackson Marlow of Colliers International’s Orange County office represented the buyer, who will use the property to expand their existing flooring business.
