CBRE recently facilitated the sale of Arrow Pines Business Park, a 44,125-square-foot industrial complex located in San Dimas. The property was acquired by private investor Arrow SD LLC for $9.23 million.
The CBRE Investment Properties team consisting of Mark Shaffer, Anthony DeLorenzo, Gerand Poutier and Dylan Rutigliano worked alongside National Partners Barbara Perrier and Eric Cox to represent the seller SoCal Industrial LLC – a joint venture between Birtcher Anderson Davis & Associates and Belay Investment Group.
According to Shaffer, this transaction highlights the strong demand for small bay multi-tenant industrial properties in Southern California. He also noted that there is an increasing interest from 1031 exchange buyers and private investors looking to diversify their portfolios with industrial assets.
Built in 1987, Arrow Pines Business Park comprises three buildings ranging from 11,240 to 16,473 square feet with unit sizes varying from 960 to3 ,192 square feet. Currently at an occupancy rate of82 .2%, this business park features clear heights between12-15 feet and32 grade-level doors.
This recent divestment by a joint venture serves as another example of the thriving commercial real estate market in Southern California.
