JV Divests Three-Building Business Park for $9M
CBRE recently arranged the sale of Arrow Pines Business Park, a 44,125-square-foot-industrial business park in San Dimas. The buyer was a private investor, Arrow SD LLC, who paid $9.23 million.
CBRE Investment Properties’ Mark Shaffer, Anthony DeLorenzo, Gerand Poutier and Dylan Rutigliano, along with CBRE’s National Partners Barbara Perrier and Eric Cox, represented the seller, SoCal Industrial LLC, a joint venture of Birtcher Anderson Davis & Associates and Belay Investment Group.
“This sale signifies the high demand for small bay multi-tenant industrial properties in Southern California,” said Shaffer. “We continue to see strong demand from 1031 exchange buyers and private investors looking to diversify into industrial from other product types like multifamily.”
Built in 1987, Arrow Pines Business Park’s three building sizes range from 11,240 to 16,473 square feet, with unit sizes varying from 960 to 3,192 square feet. The 82.2% occupied business complex features a 12 to 15-foot clear height and 32 grade-level doors.
