 |
| Montclair Business Center, 4650 Arrow Highway, Montclair, CA |
Los Angeles, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced today that it has completed the
$8-million sale of Montclair Business Center, a seven-building light
industrial, office and showroom business park totaling 96,384 square feet (sf)
on 4.35 acres.
 |
| Alan Pekarcik |
Built in 1980, the center is located at 4650 Arrow
Highway in Montclair, CA.
Avison Young
Principals Alan Pekarcik and Dan Vittone, based in the company’s
Irvine, CA office, represented the seller, MNW Essex Montclair LLC, as well as
the buyer, Holualoa Montclair Business Center, LLC. The transaction closed at a
6.01% capitalization rate and sold for $83 per square foot.
“Montclair Business
Center offered the buyer an excellent, stable investment with a value-add
opportunity for rental growth and increasing the center’s occupancy,” comments
Pekarcik.
 |
| Dan Vittone |
“Also, the asset is located just west of the North Montclair
Downtown Redevelopment Area, a major redevelopment zone between the Montclair
Transcenter and the Montclair Plaza regional shopping center that will provide
even more opportunities as the market grows.”
The property, which
consists entirely of single-story, multi-tenant buildings, is 83% leased.
Montclair Business Center features 660 feet of street-front exposure on the
north side of Arrow Highway, a major thoroughfare of Montclair and neighboring
cities that boasts a traffic count of 19,000 cars per day.
The project is located about one mile north of the San
Bernardino (10) Freeway and about two miles south of the Foothill (210)
Freeway, offering easy access to the Orange (57), Ontario (15) and Chino Valley
(71) Freeways.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
No comments:
Post a Comment