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7/18/18
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Montclair Business Center, a 96.4k sf, multi-tenant business park in Montclair, traded hands in a recent $13.725 mil ($142/sf) transaction. The property was purchased by Trico Yale Business Park LP, who plans to continue utilizing the asset as a multi-tenant business park.
Built in 1980, the property comprises seven buildings located on 6.02 acres at 4650 Arrow Hwy. It is 92% occupied by 42 light-industrial, office and retail tenants.
Montclair Business Center recently underwent several major upgrades, including new exterior paint, new landscaping and replacement of several roofs. The property offers abundant onsite parking, and features street exposure on the north side of Arrow Highway, a major thoroughfare of Montclair and neighboring cities.
Alan Pekarcik and Chris Smith with Avison Young represented the seller, Holualoa Montclair Business Center LLC. The buyer was self-represented.
“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.”
Montclair Business Center is located immediately west of the North Montclair Downtown Redevelopment Area, a major redevelopment region that will continue to open opportunities for a mixed-use, transit-oriented, downtown district between the Montclair Transcenter and the Montclair Place regional shopping center.
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