COMMERCIAL REAL ESTATE TRANSACTION ALERT
Avison Young announced today it has completed the acquisition of La Crosse Business Park, a six-building, 113,893 square-foot, multi-tenant complex located at 2273 to 2283 La Crosse Avenue in Colton, CA. There are currently 25 tenants occupying over 86 percent of the property.
Avison Young Principals Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office, represented the buyer, an Orange County-based private investor. The seller, a Los Angeles-based private owner, was represented by Nicolas Chang of NAI Capital.
Situated on 7.5 acres and built in 1989, the property features fully sprinklered units, 12′ to 14′ grade-level loading doors in all units, and warehouse heights from 14′ to 16′. La Crosse Business Park is located within the Inland Empire East submarket in San Bernardino County. It is immediately adjacent to the 215 freeway and is 20 miles from Ontario International Airport.
“This value-add property provides the new ownership with a favorable upside potential through a renovation strategy and bringing rents up to market rates for expiring and month-to-month leases,” said Smith. “Value-add, multi-tenant industrial parks are one of the hottest product types in today’s market with the trend expected to continue into the foreseeable future.”