Archicenter Business Park, a 62,677-square-foot multi-tenant office and industrial business project located in Rancho Cucamonga, CA sold for $6.9 million. The seller was Rexford Industrial Realty, Inc., and the buyer was an undisclosed private investor.
Voit Real Estate Services’ Mike Hefner represented both parties in the transaction.
Hefner said, “The project consisted of a combination of office and industrial product, which wasn’t ideally suited for the traditional business park investor. Through an extensive marketing effort, we were able to identify a private investor with a 1031 tax deferred exchange requirement who closed escrow all cash in a very short time frame.”
The West Inland Empire submarket asset consists of 29,677 square feet of office space in eleven buildings, and 33,000 square feet of industrial space situated in five buildings. The property is located at 9375 Archibald Ave.
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