Torrance, CA – June 15, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, represented both the buyer and seller in a $5.7 million industrial sale at 1400 Victoria Ave., in San Bernardino, Calif.
Principal/Senior VPs Vince Anthony and Michael Chavez of Lee & Associates’ Ontario office represented seller CALBLDG. Finn Comer, senior VP of Lee & Associates’ Riverside office, represented The Magellan Group, which takes over the 235,000-square-foot, 1980-built asset which is situated on 10 acres.
“This is a prime example of another value-added opportunity that commercial real estate investors such as Magellan are looking to acquire in the Inland Empire,” Anthony said. “Magellan seized this opportunity to buy a well-located manufacturing/distribution building at well below replacement cost and reposition the property”.
CALBLDG opted to dispose of the asset after it had remained vacant for nine months. The Magellan Group plans to perform a complete renovation of the property and place it back on the market for lease or sale later this year.
About Lee & Associates
Celebrating 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 43 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, New Jersey, Nevada, Texas, South Carolina and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.