Kenny Liang Acquires Industrial Property In Rialto For $2.4M

333 E. Foothill Boulevard in Rialto, CA 92376 has been sold for $2,388,000. The property is an industrial asset consisting of a free-standing retail/warehouse building with 18,228 square feet of space. Situated on a 95,832 square foot lot, the property was delivered fully vacant. Despite lacking electrical or plumbing, which would need to be replaced, the buyer, Kenny Liang, an owner/user, saw potential in the property to expand their business in the immediate area. The sale was facilitated by Alex Reyhan and Daniel Hirth of The Hirth Group, representing the seller, Rafi Jacobi. The closing price of $2,388,000 translates to a price per square foot of $131.01 for the building and $24.92 for the lot.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $2,388,000
• Address: 333 E. Foothill Boulevard, Rialto, CA 92376
• Market: Rialto
• Square Footage: 18,228 SF
• Buyer: Kenny Liang
• Seller: Rafi Jacobi
• Seller's Representative: Alex Reyhan & Daniel Hirth - The Hirth Group

The Hirth Group managed to secure multiple offers for the property despite it being listed with other brokerages and agents for nearly two years. The closing price of $2,388,000 represents 96% of the listing price. During negotiations, all inspection contingencies were removed from the open of escrow, with only a loan contingency remaining after pre-qualifying the buyer. The buyer requested extensions for closing due to an SBA loan, resulting in an additional $10,000 non-refundable payment to the seller. Persistence and effective representation by Alex Reyhan and Daniel Hirth of The Hirth Group contributed to the successful closing of the transaction.