Repositioning of 1980s Industrial Culminates in $16M Sale
DAUM Commercial Real Estate Services has completed the sale of a 49,561-square-foot industrial building at 1141 California Ave. in Corona. The sale price was $15.99 million.
“The sale of this property was the culmination of a yearlong project with our client to renovate and reposition a 1980s vintage industrial property,” said Charles Johnson, EVP 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 in the Inland Empire’s Riverside County was built in 1988. In 2023, the asset was purchased by PPVS Properties LLC, which worked to renovate the property and reposition the site for possible industrial lease or sale.
Johnson, Joseph Harmon and Noah Samarin of DAUM represented the seller. A Colliers team of Clyde Stauff, Jace Gan and Jackson Marlow represented the buyer, which will use the property to expand its existing flooring business.
