LAGUNA NIGUEL, CA-Locally-based Berkshire Development has paid $17 million for a Rancho Cucamonga industrial site, in a deal that closed this week.

The multi-tenant property stands on a parcel of nearly 22 acres. Encompassing 393,000-sf, the complex stretches from 9th Street to Arrow Highway. It consists of nine buildings, which are located at 9000-9100 9th St. and 9007-9077 Arrow Route. The facility is occupied by 47 tenants, including PHD West, according to Lee & Associates broker Scott Ostlund, who worked on the deal.

Both Berkshire Development and the seller, UBS, were represented by Ostlund, along with Michael Chavez and Bill Heim. All three brokers are from Lee & Associates Ontario office.

“The property received multiple offers, showing that the investment market in the Inland Empire remains strong,” Ostlund says. Indeed, investors continue to buy up industrial property here, as the region’s abundance of buildable land and lower rents have helped it garner a large share of the industrial growth in the LA Basin.

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