Press Releases
Marcus & Millichap Announces the Sale of a 6,154-SF Industrial Property in Chino, California
April 03, 2024
CHINO, Calif., April 3, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 6,154-square-foot industrial property located in Chino, California. The asset sold for $2,350,000.
“We generated 10 tours in the first week and received multiple offers over the asking price. This is the highest price per square foot sale in the past year for industrial built before 2006 in Chino, California,” said Nick Walker, investment associate in Marcus & Millichap’s Inland Empire office. “The owner utilized Marcus & Millichap’s platform to obtain financing and a 1031-Exchange into an out-of-state NNN investment. Due to the rise in interest rates, demand has shifted from investors seeking leased industrial investments to owners/users looking for space to operate their business out of.” Walker, along with Kevin Struve, senior vice president investments in the firm’s Inland Empire office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The property is located at 14750 Central Avenue in Chino, California. Built in 2001, this industrial property sits in a high trafficked area and is fully secured with a fenced yard. With over 6,000 square-feet of industrial space, and additional mezzanine space, the property also includes 13 parking spaces, an 18-foot height clearance and two grade level doors.
“We generated 10 tours in the first week and received multiple offers over the asking price. This is the highest price per square foot sale in the past year for industrial built before 2006 in Chino, California,” said Nick Walker, investment associate in Marcus & Millichap’s Inland Empire office. “The owner utilized Marcus & Millichap’s platform to obtain financing and a 1031-Exchange into an out-of-state NNN investment. Due to the rise in interest rates, demand has shifted from investors seeking leased industrial investments to owners/users looking for space to operate their business out of.” Walker, along with Kevin Struve, senior vice president investments in the firm’s Inland Empire office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The property is located at 14750 Central Avenue in Chino, California. Built in 2001, this industrial property sits in a high trafficked area and is fully secured with a fenced yard. With over 6,000 square-feet of industrial space, and additional mezzanine space, the property also includes 13 parking spaces, an 18-foot height clearance and two grade level doors.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
