California Investor Acquires Rosselle Properties in Riverside for $7.2M

Rosselle Properties LLC of Atlanta sold the 4.3-acre former Miller Electric Co. headquarters in Riverside for $7.2 million on May 22. The buyer, represented by ProEquity Asset Management Corp. in El Dorado Hills, California, secured an almost $4 million mortgage from Five Star Bank of Rancho Cordova, California.

Coldwell Banker Premier Properties agents Eric Maimo, Adam Lanteigne, and Bob Buckmaster, facilitated the transaction, which was a 1031 exchange investment allowing deferred capital gains taxes. The property, fully leased to long-term tenants, attracted ProEquity for its strategic location near Interstates 10 and 95.

Rosselle Properties, led by Atlanta investor Paul Mayberry, had acquired the land from MECO Rosselle REI LLC in 2022 for $5.85 million. The site, comprising 58,188 square feet of office and warehouse space, includes properties at 2200, 2230, 2256, 2251, 2310, and 2342 Rosselle St. It features tenants like Sciens Building Solutions and the National Youth Advocate Program.

ProEquity's Tyler Sheldon highlighted Jacksonville's favorable real estate dynamics and confirmed this as their first investment in the city. The Jacksonville City Council rezoned the property in 2022 to a Planned Unit Development (PUD), accommodating commercial, retail, residential, and industrial uses to support existing businesses.

Miller Electric had pursued the rezoning to unify land use across the parcels, facilitating future development and operational flexibility.