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3/03/23
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MIG purchased Gifford Business Park, a 156.7k sf, seven-building industrial business park in the Inland Empire submarket of San Bernardino, for $26 mil, or $166/sf. Located at 750-760 E. Central Ave and 765-791 S. Gifford Ave, the park offers ample development potential.
Comprised of 78 units across seven buildings, with units ranging from 910 sf to 19.3k sf, the park offers unit flexibility and opportunity for expansion. The project benefits from proximity to three major highways which serve the greater Los Angeles, Orange County, and Riverside metro areas and provide a direct corridor from the Los Angeles and Long Beach ports.
Christopher Smith and Andrey Mindirgasov with Colliers represented MIG in the deal. The seller, Positive Investments, was repped by Alan Pekarcik of Kidder Matthews. Positive was able to complete capital improvements, stabilize the rent roll and exit the investment in under 18 months.
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