Gary Stache of the CBRE's Private Client Group in Newport Beach says the buyer, who was in a 1031 Exchange, paid $8.2 million for the industrial project at 9007-9087 Arrow Route, one of the major thoroughfares in Rancho Cucamonga. Stache and his CB partners Mark Larson and Pat Scruggs represented both buyer, SVN Equities of Irvine, CA, and the sellers, Praedium and Birtcher.
The building was 90% occupied at the time of the sale. It was acquired it as an investment, according to Stache, who says the sellers had owned the concrete tilt-up facility for many years.
The deal is typical of many that brokers recently have been reporting in Southern California: private investors snapping up well-leased industrial, office and retail properties. Such properties are always considered a good buy, brokers say, but the leased investments are especially popular today among 1031 buyers looking for exchange properties.
Rancho Cucamonga is one of the most active areas of development in the Inland Empire, close to the large industrial warehouses of Ontario and near new homes, apartments and retail developments that make all property types attractive to investors.
The Birtcher family of companies has been active in Southern California real estate since 1939 as a developer and investor in a broad range of property types. The Praedium Group, which invests in properties throughout North America, has been an active buyer and seller of Southern California real estate in recent years and has been involved in partnerships with a number of local investors and developers.
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