Inland Empire Business Park Trades for $14M
- Jul 19, 2018
Avison Young has brokered the sale of Montclair Business Center, a 96,363-square-foot, multi-tenant business park in Montclair, Calif. Trico Yale Business Park has purchased the asset for $13.7 million. The previous owner, Holualoa Montclair Business Center, recently invested in major upgrades including exterior paint work, landscaping, and the replacement of several roofs. The asset was 92 percent occupied at the time of the transaction. Lessees include 42 light-industrial, office and retail tenants.
Located at 4650 Arrow Highway, Montclair Business Center is west of the North Montclair Downtown Redevelopment Area. It is within 3 miles of Interstate 10 and the nearby Arrow Highway is a major thoroughfare of Montclair, as well as other neighboring cities. Completed in 1980, the property comprises seven buildings on more than six acres of land. Property features include on-site parking.
Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith, both based in the company’s Irvine office, represented the seller in the transaction. The buyer, who plans to continue utilizing the asset as a multi-tenant business park, was self-represented.
“The Montclair Business Center is advantageously positioned in the Inland Empire, one of the hottest industrial investment markets in the nation,” Pekarcik said, in a prepared statement.
Earlier this month, Parmenter Realty Partners appointed Avison Young to oversee the leasing of a 207,291-square-foot office building in Atlanta’s Central Perimeter submarket.
Image courtesy of Avison Young