4/7/2008

Master Development sells Riverside County industrial property for $15M

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235 Radio Rd.

Newport Beach, Calif.-based Master Development Corporation has sold a 127,800 square foot industrial building in Corona, Calif., to a private investor for $15 million.

Jedd Zaun and Bill Garrett of Lee & Associates represented both parties in the transaction.

The building is located at 235 Radio Rd. and was 100 percent leased at the time of sale to CertainTeed Corporation, a vinyl window and door manufacturer. Master Development acquired the building last year as part of a $185 million joint venture with GE Asset Management.

Zaun is a senior VP with Lee & Associates and specializes in industrial and investment real estate properties in Orange County. He joined the firm in 1999 after working for Grubb & Ellis. Zaun earned his bachelor's degree from Arizona State University.

Garrett, also a senior VP, joined the firm in 1991. He represents developers seeking to acquire and develop commercial property. He earned his bachelor's degree from Cal State University and a master's from the University of Southern California.

Address: 235 Radio Rd., Corona, Calif.

Size: 127,800 square feet

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Filed Under: Industrial

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