Avison Young completes acquisition of La Crosse Business Park, a six-building industrial complex in Colton, CA19 Nov 2020
Irvine, CA – Avison Young announced today it has completed the acquisition of La Crosse Business Park, a six-building, 113,893 square-foot, multi-tenant complex located at 2273 to 2283 La Crosse Avenue in Colton, CA. There are currently 25 tenants occupying over 86 percent of the property.
Avison Young Principals Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office, represented the buyer, an Orange County-based private investor. The seller, a Los Angeles-based private owner, was represented by Nicolas Chang of NAI Capital.
Situated on 7.5 acres and built in 1989, the property features fully sprinklered units, 12' to 14' grade-level loading doors in all units, and warehouse heights from 14' to 16'. La Crosse Business Park is located within the Inland Empire East submarket in San Bernardino County. It is immediately adjacent to the 215 freeway and is 20 miles from Ontario International Airport.
“This value-add property provides the new ownership with a favorable upside potential through a renovation strategy and bringing rents up to market rates for expiring and month-to-month leases,” said Smith. “Value-add, multi-tenant industrial parks are one of the hottest product types in today’s market with the trend expected to continue into the foreseeable future.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224