Gifford Biz Park is Ideal Complement to Buyer’s Portfolio

Gifford Business Park, a multi-tenant 156,937-square-foot industrial property at 750-760 E. Central Ave. and 765-791 S. Gifford Ave. in San Bernardino, CA, recently sold for $21.15 million. A Southern California private investor purchased the asset as an upleg in a 1031 Exchange.

Built in 1989, the seven-building property is situated on 11.5 acres. At the close of escrow, it was 95 percent occupied by approximately 35 tenants. The property is located near the 10 and 215 freeways as well as the San Bernardino International Airport. It is surrounded by institutional-grade industrial buildings with newer construction.

Avison Young’s Alan Pekarcik, who is based in the firm’s Irvine office, along with Chris Smith, represented the buyer. The seller was Phoenix-based Gifford Business Park LLC.

“This property is a perfect complement to the buyer’s portfolio,” said Pekarcik. “The buyer plans on making some upgrades to the asset over the coming months.” Smith noted that Inland Empire-based multi-tenant business parks remain one of the most desired assets in today’s market, given the low vacancy rates and rising rents.