Holualoa Montclair Business Center LLC has sold Montclair Business Center, a 96,363-square-foot, multi-tenant business park located at 4650 Arrow Highway in Montclair, California, to Trico Yale Business Park LP for $13.725-million. The property is 92 percent occupied by 42 light-industrial, office and retail tenants.
Built in 1980, Montclair Business Center property comprises seven buildings located on 6.02 acres and recently underwent several major upgrades, including new exterior paint, new landscaping, and replacement of several roofs. It offers abundant onsite parking and features street exposure on the north side of Arrow Highway, a major thoroughfare of Montclair and neighboring cities.
Avison Young principal Alan Pekarcik and senior associate Chris Smith, who are both based in the Irvine, California, office, represented the seller. The buyer was self-represented and plans to continue utilizing the asset as a multi-tenant business park.
“The Montclair Business Center is advantageously positioned in the Inland Empire, one of the hottest industrial investment markets in the nation,” Pekarcik says. “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.”
The property is located immediately west of the North Montclair Downtown Redevelopment Area, a major redevelopment area that Avison Young says will continue to open opportunities for a mixed-use, transit-oriented, downtown district between the Montclair Transcenter and the Montclair Place regional shopping center.