Inland Empire Industrial Asset Switches Owners as Market Booms
- Sep 27, 2016
By Alex Girda
Rancho Cucamonga, Calif.—A seven-building, multi-tenant industrial/flex business park in the Inland Empire has been acquired by Focus Real Estate in a deal arranged by Voit Real Estate Services. Arrow Business Park in Rancho Cucamonga was sold by Essex Arrow LLC for a fee of $15.4 million. Voit Real Estate Services representatives Frank Geraci, Juan Gutierrez and Mike Bouma arranged the transaction on behalf of both parties involved.
Located at 9047-9087 Arrow Route in Rancho Cucamonga, Calif., the business park offers a total of 136,806 square feet of industrial/flex space. The seven-building park is divided into 69 units that range in size between 240 and 12,650 square feet.
The Inland Empire’s industrial market is going through one of its best ever spells in terms of development and net absorption. Current industrial vacancy in the Rancho Cucamonga submarket is under 2 percent, well under Arrow Business Park’s current vacancy rate of roughly 24 percent. The 28-year-old asset offers 16’ to 24’ warehouse clearance heights, ground level loading, as well as a 35 percent build-out. The asset provides ample parking, as well as access to the I-210, I-15, and I-10, all of them crucial to freighting for the area.
Image courtesy of Voit Real Estate Services