A distribution facility currently used by Walmart has been sold to a Murrieta-based firm for $9.35 million according to broker Avison Young, which represented the seller and the buyer.
The 102,320-square-foot property, at 40761 Country Center Drive is a mile from the Winchester Road Interstate 15 exit.
Walmart recently renewed its lease for another three years.
Kiwi II Construction of Murrieta was the buyer and Hill Properties/Rustica-Hill Temecula the seller.
Riverside office building sells for $2.4M
A Riverside office building, originally part of a large portfolio purchased several years ago by a Denver-based investor, has been sold for $2.4 million.
The 16,030-square-foot building at 1855 Chicago Avenue was sold by Northstar Commercial Partners to an unnamed buyer.
Northstar had invested more than $224 million in a portfolio comprised of 24 office properties in 13 states in 2015.
More new laws for CA 2020
The new year has started, and a number of new laws in California have taken effect. Among them is AB 5, which makes it harder for companies to pay their workers as independent contractors and not as employees.
The controversy over this law will not go away in 2020. According to the Associated Press, lawsuits from entities that include Uber, the California Trucking Association and two associations representing freelance journalists and photographers are suing to overturn AB 5.
Also, Uber, Lyft and DoorDash have said they will spend millions to try and overturn AB at the ballot box in 2020.
There are, however, other new laws that may have flown under the radar. Here’s a quick roundup of some of them, courtesy of CalMatters:
- Predatory lending: Californians who take out consumer loans of between $2,500 and $10,000 can be charged an interest rate no higher than 35%. It’s a lower ceiling than before, but with annual fees, the maximum cost still can be equivalent to an interest rate of 46%.
- Housing voucher discrimination: A new law bars landlords from discriminating against low-income renters with federal Section 8 vouchers. Tenants who qualify for that program pay 30% of their income toward rent, and the federal government pays the rest.
- Online data privacy: Faced with a possible initiative asking voters if they want to toughen safeguards of their own privacy, state lawmakers approved a new consumer privacy law giving people a window into what information companies collect.
- Mandatory health insurance: In 2020, California is making health insurance mandatory and charging a fee to people without it. The state also will give subsidies to those who don’t qualify for assistance through the federal Obamacare program.
- Some rent hikes capped: A new California law will protect about 8 million Californians from dramatic rent hikes and from certain evictions that lack “just cause” when a lease is no longer in effect. Some landlords will be able to increase rents by 5% plus the rate of inflation, typically between 2% and 3%.
- Ending racial bias in birth care: Black women statewide are still substantially more likely than white women to die in childbirth, give birth prematurely and lose their babies. Starting in 2020, California is requiring health care workers who treat pregnant women receive implicit bias training, designed to improve awareness of the impact racial bias has on maternal and infant health.
Tech career advice in Temecula
A free discussion geared for teens considering a career in technology will take place from 6:30 to 7:30 p.m., Tuesday, Jan. 21 at the Ronald H. Roberts Temecula Public Library.
The discussion will be presented by Beth Bowles of Mt. San Jacinto College who will present an overview of many tech-based career options, including digital media, nursing and automotive transport technology. Many jobs that will be discussed do not require four-year college degrees.
The program is sponsored by the Friends of the Temecula Libraries and is geared for students in grades seventh through 12th. No advance registration is required, but seating is limited.
More information is available at 951-693-8900. Library address: 30600 Pauba Road.
MGR installs charging stations
Commercial property owner MGR Property Management has installed 27 electric-vehicle charging stations at One Lakeshore Centre in Ontario, one of its flagship office properties.
Michael Rademaker, founder and CEO of the company, said in a statement that MGR is one of the first commercial real estate operators to embrace such modern technology.
The charging stations, unveiled in late December, are open to building employees and invited visitors.
ONT soared in November
November was another strong month for passenger traffic in and out of Ontario International Airport, with 501,000 people departing and arriving at its terminals, according to a statement.
Volume compared with November 2018 was up 10.1% for domestic travel and 8.8% for international flights.
Over the first 11 months of 2019, more than 5 million passengers used the airport, an increase of 8.4%.
The November numbers were reported two weeks after ONT was named the fastest-growing airport in the country for the second year in a row by Global Traveler, a trade publication.
Stater Bros.’ holiday giving: more than $840,000
Stater Bros. Markets celebrated the recent holiday season with more than $840,000 in charitable donations, the San Bernardino-based grocery chain said.
The major recipients of donations included food program Harvesting for Hope, Loma Linda University Children’s Hospital, Toys for Tots, CHiPs for Kids, food bank groups in Orange and San Diego counties, the Salvation Army and the Inland Empire United Way – Desert Communities Region.
Status Update is written by Inland Empire business reporter Jack Katzanek and edited by Business Editor Samantha Gowen. Submit items to [email protected] or [email protected]. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.