Avison Young completes $7.15-million office building sale in Corona, CA
Irvine, CA – April 29, 2014 – (RealEstateRama) — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $7.15-million sale of a class A office building totaling 58,854 square feet (sf) in Corona, CA.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the buyer, Providence Capital Speed Fund II, LLC. The seller, Rincon Holdings, Inc., was represented by CBRE.
“The buyer saw this as a value-add opportunity as the property was 51% occupied at the close of escrow,” comments Vittone. “The property already has an 8,000-sf lease pending that was negotiated by the buyer during escrow. With the local office market showing signs of improvement, this acquisition was strategic and well-timed.”
Built in 2003, the three-story steel-frame building is situated on 2.82 acres at 355 East Rincon Street. The building includes a central courtyard with serene landscaping, tables and seating areas. The property is well situated in the County of Riverside near the intersection of the 15 and 91 freeways and offers easy access to surrounding and nearby counties, including San Bernardino, Orange and Los Angeles.
“From the second quarter of 2011 to the end of the first quarter of 2014, the Inland Empire office market has recorded nearly 2 million square feet of positive absorption,” adds Vittone. “With decreasing available space and few new deliveries, I believe the market will continue to stabilize, and rents should maintain their moderate-but-steady increase.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 57 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
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