IE Business Daily Business news for the Inland Empire.
Two Inland industrial properties, one in Montclair and the other in Fontana, have been sold.
Newmark Grubb Knight Frank negotiated the $4.7 million investment sale, according to a statement released Wednesday.
Both properties are occupied by United Rentals, the international equipment rental company.
One property is at 10632 Monte Vista Ave. in Montclair and includes a 15,000-square-foot building. The other property, at 16190 Valley Blvd. in Fontana, includes an 8,500-square-foot structure, according to the statement.
The buyer was Excelsior Partners in Los Angeles, a commercial real estate investment company that buys industrial properties in the western United States, with an emphasis on Southern California.
The seller was a private trust whose name was not released.
“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 Randy Lockhart, executive managing director with Newmark Grubb Knight Frank, in the statement. “The buyer plans to hold onto the assets long term.”
