Irvine, CA – November 23, 2021 - Faris Lee Investments, a leading retail advisory, and investment sales firm, has completed the sale of a 42,119-square-foot incubator industrial park. Located at Hermosa Avenue and 6th street in Rancho Cucamonga, CA, the property was fully occupied by a strong tenant mix providing a steady cash flowing investment. The asset traded for $11.401 million or $271 per square foot representing one of the highest incubator industrial price per square foot sales in Rancho Cucamonga in 2021.
Director Nick Miller and Senior Managing Director Shaun Riley represented the seller, a private family office based out of Riverside County, Southern California. The buyer, a Los Angeles-based family office, was in a 1031 exchange after transacting a multi-tenant office building in Los Angeles.
In addition to the strong cash flow, the property was comprised of three buildings situated on individual parcels all with short-term leases which provided investors the ability to optimize lease terms and the opportunity to potentially break up the asset for future dispositions.
Faris Lee Investments demonstrated the intrinsic value of the real estate and targeted industrial investors, with a focus on private investors and family offices, who had recently sold or purchased industrial properties in the Inland Empire. The team generated multiple offers within the first week of the marketing initiative and closed at 100% of the list price within 38 days.
“The high demand of quality multi-tenant industrial assets within the most desirable industrial market in the inland empire and lack of supply due to rising construction cost helped justify the high price per square foot,” said Nick Miller.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.