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A private investor has paid $15 million for a 127,800-sf industrial building in Corona that it bought from Master Development Corp. Master Development, based in Newport Beach, acquired the property in a joint venture with GE in 2007.
The property is at 235 Radio Rd. and is fully leased to CertainTeed Corp., which manufactures and markets vinyl windows and doors for the residential market. The CertainTeed building features access to and visibility from the Interstate 91 freeway.
The deal is the latest in a series of acquisitions, developments and dispositions in Corona for Master Development, according to Bryan Bentrott, executive vice president of the Newport Beach-based firm. Since 2002, the company has built and sold 27 buildings from 7,000 sf to 45,000 sf in the Corona market.
Master Development was attracted to 235 Radio Rd. initially because it was near one of the company's previous developments and it bought the property at a price below replacement cost. After MDC acquired the building, it signed the tenant to a lease renewal, so the new buyer is inheriting a stable income stream, Bentrott adds.
The acquiring entity in 2007 was a joint venture formed by MDC and GE Asset Management, the manager for General Electric Co.'s primary US pension plan. MDC and GE Asset Management formed the $185 million joint venture to acquire and develop industrial properties in Southern California.
In the recent sale, both MDC and the buyer were represented by Jedd Zaun and Bill Garrett of the Newport Beach office of Lee & Associates. Now that MDC has completed this sale, it is turning its focus to the development of West Corona Commerce Center, a 321,000-sf manufacturing, warehouse and corporate headquarters building in West Corona. That building is scheduled to be completed by late this year.
The deal is the latest in a series of acquisitions, developments and dispositions in Corona for Master Development, according to Bryan Bentrott, executive vice president of the Newport Beach-based firm. Since 2002, the company has built and sold 27 buildings from 7,000 sf to 45,000 sf in the Corona market.
Master Development was attracted to 235 Radio Rd. initially because it was near one of the company's previous developments and it bought the property at a price below replacement cost. After MDC acquired the building, it signed the tenant to a lease renewal, so the new buyer is inheriting a stable income stream, Bentrott adds.
The acquiring entity in 2007 was a joint venture formed by MDC and GE Asset Management, the manager for General Electric Co.'s primary US pension plan. MDC and GE Asset Management formed the $185 million joint venture to acquire and develop industrial properties in Southern California.
In the recent sale, both MDC and the buyer were represented by Jedd Zaun and Bill Garrett of the Newport Beach office of Lee & Associates. Now that MDC has completed this sale, it is turning its focus to the development of West Corona Commerce Center, a 321,000-sf manufacturing, warehouse and corporate headquarters building in West Corona. That building is scheduled to be completed by late this year.
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