CHINO, CA-Warmington Capital Partners of Costa Mesa has acquired the Chino Spectrum Business Park from Birtcher Development and Investments of Laguna Niguel for $32 million. The property is a 213,693-sf industrial park consisting of 13 buildings with 111 units.
The 13.52-acre project, which was built between 1979 and 1987, is 95% leased. Chris Jones, a partner at Warmington, says the property appealed to the investment group for a number of reasons, including the "affluent demographics in Diamond Bar and Chino Hills along with the strong residential growth in Chino and the surrounding communities."
The 111 units at Chino Spectrum Business Park range from 620 sf to 8,960 square feet. The property is located at 3811-3873 Schaefer Ave. and 13721-13851 Roswell Ave.
Tom Taylor, Steve Bellitti, and Jeff Bellitti of Colliers International represented the buyer, with independent brokers Jim Morrison and Steve Wilhelm representing the seller. Bellitti comments that the property, located close to the 1.4 million-sf Chino Spectrum Marketplace and Chino Town Center, is considered a premier business park in the marketplace.
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