Inland Empire Industrial Park Changes Hands for $9M
- Dec 16, 2019
Positive Investments has sold Lemon Street Industrial Center, a 102,400-square-foot multi-tenant business park in Hesperia, Calif. Gofermor LLC acquired the asset for $8.9 million, in a 1031 exchange. Avison Young represented the seller, who had bought the property in 2018 for $8 million, Yardi Matrix data shows.
Built in 1986, the six-building asset is situated on 11 acres at 17229 Lemon St. and is fully occupied by 17 tenants. The industrial center includes 20-foot clear height, 200 parking spaces, 23 percent office build-out and prominent monument signage.
The property is located approximately 4 miles east of Interstate 15. The surrounding area offers several retail options, including Hesperia Square Shopping Center, situated within 2 miles of the asset. The business park is within an Inland Empire submarket that has been seeing a vacancy rate below 2 percent for several quarters, as well as low development activity and strong tenant demand, according to Chris Smith, senior associate at Avison Young.
The brokerage team working on behalf of Positive Investments included Smith and Principal Al Pekarcik, both based in Irvine, Calif. Recently, another one of Avison’s teams represented the seller of a 150,633-square-foot flex office portfolio in Clearwater, Fla.