Lee & Associates closes sale of six building industrial portfolio for USD13.35m
The Investment Services Group (ISG) of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has negotiated the USD13.35 million sale of an approximately 69,500 square foot industrial park located in Claremont, California, located at the eastern end of Los Angeles County and borders the cities of Upland and Montclair in San Bernardino County, and geographically located in the Pomona Valley.
Known as Claremont Business Park, the property includes six separate industrial buildings located at 240-260 S York Place, 700 W Wharton Drive, and 759 W Arrow Highway, in a prime location directly between the 10 and 210 freeways, both major transportation arteries.
Matthew Sullivan, managing director and principal, and Shane Hariz, senior investment advisor, of Lee & Associates - Investment Services Group, the investment advisory arm of the company, exclusively represented the buyer on this transaction, a private family office. Lee A McCullough, first vice president of Colliers International represented the seller, which was a private family partnership.
“As an off-market transaction, this property has a great deal of potential for future growth. It is currently 100 per cent leased but each building is separately parcelled which could be sold individually at a later date,” says Sullivan.
Located 30 miles east of downtown Los Angeles, Claremont is the home of Claremont Colleges and several other educational institutions. The property, which stretches between Wharton and Arrow Streets, will also be near the Metro Gold Line when it is completed in 2026.
The property is 100 per cent occupied with uses ranging from electrical connectors, controls, and cable engineering to 3D visualisation and display house manufacturing.