California Investor Acquires Rosselle Properties in Riverside for $7.2M

by Josh Cotton

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.

GET MORE INFORMATION

Name

Email*

Phone*

Message

By registering on this website, you hereby grant permission to Round Table Realty, its affiliates, and its agents to contact you via email, text message, telephone, and other communication methods, including but not limited to mass communication systems, unique communication systems, and automated or artificial intelligence systems. Such communications may be for the purposes of responding to inquiries, providing real estate services, marketing, or other business-related matters.

You acknowledge that these communications may include autodialed or prerecorded messages and that you consent to receiving such communications at the email address and phone number(s) you provide, even if your phone number is on a state or national Do Not Call registry. Message and data rates may apply.

This consent is not a condition of any purchase or transaction. You may revoke your consent to receive such communications at any time by notifying us in writing or using the opt-out mechanisms provided in the communication.

Florida-Specific Notice:
Pursuant to Florida law, you are hereby informed that your contact information may be used to provide information about real estate services, listings, and related topics. Round Table Realty complies with all applicable federal and state laws, including the Florida Telephone Solicitation Act (FTSA), and takes measures to ensure the security and confidentiality of your contact information.

For more information about our policies or to exercise your rights under applicable laws, please see our Privacy Policy.

By clicking “I'm Finished” or completing the registration process, you affirmatively acknowledge that you have read and understood this disclosure and consent to the above terms.