July 18, 2018
Montclair Business Center, a 96,363-square-foot, multi-tenant business park in Montclair, CA, has traded hands for $13.725 million. The buyer was Trico Yale Business Park, LP, while the seller was Holualoa Montclair Business Center, LLC.
The asset is 92% occupied by 42 light-industrial, office and retail tenants. 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.
Avison Young’s Alan Pekarcik and Chris Smith represented the seller. The buyer was self-represented, and plans to continue utilizing the asset as a multi-tenant business park.
“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.”
For comments, questions or concerns, please contact Dennis Kaiser