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August 13, 2020
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INLAND EMPIRE NEWS
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Los Angeles Investor Exchanges into 102k sf Hesperia Industrial Park

12/17/19

A 102.4k sf, multi-tenant industrial business park in Hesperia sold for $8.89 mil, or $87/sf. Built in 1986, the master-planned six-building property is situated on 11 acres at 17229 Lemon St, and is fully occupied by 17 tenants.

The industrial center features 20-foot clear height, 200 parking spaces, 23% office build-out, and prominent monument signage. The project is located approximately four miles east of I-15.

Al Pekarcik and Senior Associate Chris Smith with Avison Young represented the seller, Arcadia-based Positive Investments Inc. The buyer, Los Angeles-based Gofermor LLC, was in a 1031 exchange.

“The Hesperia industrial submarket has been seeing a low vacancy rate of under 2% for several quarters with a minimal amount of new development,” said Smith. “This tight High Desert submarket continues to experience strong tenant demand and has been capturing the attention of capital that is looking for new opportunities within the thriving Inland Empire industrial market.”

“Given the desirability of well-constructed, multi-tenant industrial product, investors from all of Southern California pursued the asset. Rent levels at the property have kept competitive with market rates, and the buyer will continue on with this strategy,” added Smith.





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