Grubb & Ellis/BRE Commercial brokered the sale of the Moreno Corporate Center, a 199,604-square-foot office/industrial complex in Moreno Valley, Calif.
The value of the transaction was $17.3 million.
The project consists of one three-story, steel-framed office building and five one-story, multitenant industrial buildings on approximately 13.2 acres.
The one-story building, located at 22690 Cactus Ave., is 60,589 square feet and was fully leased long-term at the time of sale to the County of Riverside, Keith Engineering and the USDA. The five one-story buildings, located at 14300-40 Elsworth St. and 22620-40 Goldencrest Drive, total 139,015 square feet with the average suite size of 2,356 square feet. They were 95 percent leased at the time of sale to 45 tenants.
Basslamp Ventures, an entity of AMC Investments, purchased the complex from NNN Tech Fund III LLC, an entity of Triple Net Properties. Both buyer and seller are tenant-in-common firms that pool funds from multiple 1031 exchangers.
San Diego, Calif.-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm.
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