DAUM COMMERICAL DIRECTS SALE OF RARE 15.63-ACRE LAND PARCEL FOR FUTURE DEVELOPMENT IN MORENO VALLEY, CA
DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has directed the sale of a 15.63-acre land parcel located in the Inland Empire submarket of Moreno Valley, California.
Chris Jaramillo, Vice President at DAUM Commercial, and Darrell Hale, Vice President and LEED Certified Professional at DAUM Commercial, represented the private owner and investor, NALA Properties LLC, in the sale of the rare parcel for $9.1 million.
The buyer, Windsor Exchange (LCR SWC Redlands 60)—an investor and developer based in Canada, was represented by Colliers International and acquired the in-demand land site, which is located in an area that is highly desirable for future industrial development.
“Our client had a prime, central Inland Empire location available that presented the potential to be developed for a wide variety of uses,” explains Jaramillo. “Drawing on our deep expertise and long-standing relationships in a very tight land market, we were able successfully market the property at the opportune time to attract a well-qualified buyer looking to develop the land for future sale. Leveraging our refined market knowledge and local partnerships, our team was able to secure a significant profit for our client with a transaction that was advantageous to all parties.”
According to a DAUM report, Moreno Valley boasts one of the lowest industrial vacancy rates in the Inland Empire at 0.34% in Q4, second to only San Bernardino.
“As demand for space remains steady, the land parcel represents considerable development opportunity to meet an underserved need for quality commercial product within the supply constrained submarket,” explains Hale. “Opportunities to purchase properties with major street frontage and freeway access in Southern California is exceedingly rare, which enabled us to negotiate a strong return for our client.”
The land parcel is located at Redlands Avenue and Eucalyptus in Moreno Valley, California. With immediate access to State Route 60, the property is situated near major transportation highways including Interstate 10, Interstate 215, and State Route 91. Less than 20 miles from major industrial hubs such as Riverside and San Bernardino, the Moreno Valley submarket offers access to key Southern California metros and is an ideal target market for developers.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.