Montclair Business Center Sells For $13.7 Million
Property is 92% occupied by 42 light-industrial, office and retail tenants
Montclair, CA – Avison Young, announced today that it has brokered the $13.725-million sale of Montclair Business Center, a 96,363-square-foot, multi-tenant business park in Montclair, CA, a city in the Inland Empire region.
Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith who are both based in the Irvine office, represented the seller, Holualoa Montclair Business Center, LLC. The buyer, Trico Yale Business Park, LP, was self-represented and plans to continue utilizing the asset as a multi-tenant business park.
Built in 1980, the property comprises seven buildings located on 6.02 acres at 4650 Arrow Highway and recently underwent several major upgrades, including new exterior paint, new landscaping and replacement of several roofs. Montclair Business Center offers abundant onsite parking, and features street exposure on the north side of Arrow Highway, a major thoroughfare of Montclair and neighboring cities.
“The Montclair Business Center is advantageously positioned in the Inland Empire, one of the hottest industrial investment markets in the nation,” Pekarcik comments. “It has seen continual rent growth, with further gains expected, based on the lack of new construction of similar product and the steady increase in the region’s population.”
Montclair Business Center is located immediately west of the North Montclair Downtown Redevelopment Area, a major redevelopment area that will continue to open opportunities for a mixed-use, transit-oriented, downtown district between the Montclair Transcenter and the Montclair Place regional shopping center.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.