A vacant 121,390-square-foot warehouse/distribution building in Riverside traded hands for $16.7 million. The deal is highest per-square-foot price ever paid in the municipality of Riverside for an industrial structure totaling 100,000 square feet or more.
Illinois-based Molto Properties sold the building at 7350 San Gorgonio Dr. that was built in 2017 to an unnamed New York-based watchmaking firm. The concrete-tilt-up structure sits on 6.21-acres, and has direct access to multiple surface, air and rail transit routes.
Colliers International’s Brad Yates and Stefan Pastor handled the sale, which was the second time they sold the building. The latest selling price was 20% higher than Molto paid when it bought the property 14 months earlier.
Yates says, “It was not the intent of our client to sell the building initially, but with the great demand and overall sale price, the seller couldn’t turn the offer down. This demonstrates the type of super-heated market we are in where anything can happen right up to the point of final signatures.””