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10/21/21
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A SoCal-based private investor paid $21.15 mil for Gifford Business Park, a multi-tenant, 156.9k sf ($135/sf) industrial property in San Bernardino. The property is located at 750-760 E. Central Ave and 765-791 S. Gifford Ave, near the 10 and 215 freeways as well as the San Bernardino International Airport.
Built in 1989, the seven-building property is situated on approximately 11.5 acres of land. It is surrounded by institutional-grade industrial buildings of newer construction. At the close of escrow, the property was 95% occupied by approximately 35 tenants.
Alan Pekarcik and Chris Smith with Avison Young represented the buyer, who purchased the asset as an upleg in a 1031 exchange. The buyer plans on making some upgrades to the asset over the coming months. The seller was Phoenix-based Gifford Business Park LLC.
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