CORFAC News

Contact:
Jenn Quader/Judith Brower
(949) 955-7940
JQuader@browermillercole.com

Inland Empire, CA (November 29, 2012) – Voit Real Estate Services/CORFAC International’s Inland Empire office has successfully directed the sale of a 39,900 square-foot industrial property located in a 430,000 square-foot industrial park in Riverside on behalf of the seller’s advisor, Cornerstone Real Estate Advisers. This transaction represents one of the highest per-square-foot sale prices achieved in 2012 in the East Inland Empire market, according to Walt Chenoweth, an Executive Vice President in Voit’s Inland Empire office.

Chenoweth worked with Frank Geraci, Juan Gutierrez, and Patrick Wood of Voit to represent Cornerstone Real Estate Advisers as the seller in the $3.25 million transaction.

The property was purchased by Mile Transport Inc, an Ohio-based trucking company which was seeking a new West Coast distribution facility to help grow its existing business in the area, according to Chenoweth.

 “The Inland Empire market has become increasingly competitive as the supply of quality Class A buildings in this size range is selling rapidly.  With little construction coming on line, we will continue to see an increase in values in the coming quarters,” Chenoweth explained. “This is a true indication that market recovery is underway.”

Chenoweth noted that the limited supply of inventory is allowing sellers to be more selective of buyers in order to obtain the best price for their properties, which is a trend he anticipates will continue into 2013.

The property is located at 1075 Mount Vernon Ave in Riverside, Calif.

About Voit Real Estate Services/CORFAC International
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients' needs.  Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.

Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.

Voit is an affiliate of CORFAC International (Corporate Facilities Advisors, Inc.), one of the largest commercial real estate services organizations in the world and founded in 1989.  For more information on CORFAC, contact 703.532.6160 or visit www.corfac.com.