Manufacturing Facility in SoCal Sells for $10.7M Per Acre
By Greg Cornfield October 7, 2022 4:45 pm
reprints
A bottle and jar manufacturing facility in Southern California’s Inland Empire is overflowing with investment after trading hands.
CGU Capital Group has agreed to pay $52.1 million for the industrial property occupied by manufacturer PlasCor, according to data provider Vizzda. The site includes 74,140 square feet of warehouse space on fewer than 5 acres, and the deal is equal to about $10.7 million per acre.
The property was built in 2003 at 940 Columbia Avenue in Riverside, Calif., at the intersection with Iowa Avenue. Records show it last traded for $5.7 million in 2013.
The buyer did not immediately return a request for comment.
The deal highlights the rising cost of warehouse space in regions around major ports. The national average sales price as of the end of August for industrial real estate was $131 per square foot, but the Inland Empire was among the most expensive markets in the U.S. at $336 per square foot.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
