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9/09/15
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In a recent SoCal industrial deal, Excelsior Partners LLC purchased two properties occupied by United Rentals, the largest international equipment rental company. The properties, located in the Inland Empire cities of Montclair and Fontana, fetched $4.7 mil.
One of the properties is located at 10632 Monte Vista in Montclair. It is situated on 3.52 acres and includes a 15k sf building. The other property, located on 1.85 acres at 16190 Valley Blvd in Fontana, includes an 8.5k sf building.
Randy Lockhart and Steve Sprenger of NGKF‘s Ontario office represented Excelsior Partners and the seller, a private trust. The properties were purchased all-cash, and were sourced off-market through Lockhart.
Excelsior Partners was attracted to these two investment properties due to each property’s proximity to major freeways, the scarcity of in-fill industrial yard sites, the current under-market rents, and the credit worthiness of the tenant.
“This portfolio was a rare opportunity for a buyer to acquire a property with an extremely strong tenant and minimal management responsibilities in key industrial locations,” said Lockhart. “We worked with the seller, who was in a 1031 exchange and required a timely close of escrow. The buyer plans to hold onto the assets long-term.”
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