IE Business Daily Business news for the Inland Empire.
A business park on the west end of the Inland Empire has been sold.
Montclair Business Center, a seven-building complex of light industrial and office buildings, sold for $8 million, according to Avison Young, the commercial real estate brokerage.
Holualoa Montclair Business Center LLC sold the property to MNW Essex Montclair LLC. Avison Young represented both parties in the transaction, which worked out to about $83 a square foot.
The transaction, which was announced Friday, took about six weeks to complete.
Alan Pekarcik and Dan Vittone, both principals with Avison Young’s Irvine office, handled the negotiations.
Built in the 1980s, Montclair Business Center covers a little more than 96,000 square feet. It sits on 4.3 acres at 4650 Arrow Highway, and consists of single-story, multi-tenant buildings.
It was close to 85 percent leased at the time of the sale.
Montclair Business Center is an “incubator park,” meaning a lot of small tenants that take up less than 2,500 square feet each, Vittone said
“It’s a lot of ‘mom and pop’ tenants,” Vittone said. “We aren’t talking about Fortune 500 companies.”
About 19,000 cars a day pass by Montclair Business Center, which is about one mile north of Interstate 10 and two miles south of the Foothill Freeway. It’s located just west of the Montclair Transcenter and the Montclair Plaza, a regional shopping center.
