BENSON COMMERCE CENTER
5637 Arrow Highway, Montclair, CA
±88,016 Square Foot Mixed-Use Industrial Business Park
- Square Feet: 88,016
- Percent Leased: 95%
- Year Completed: 1973
- Year Renovated: 2016
- Land Area: 5.2 acres
- Number of Suites: 55
- Parking Ratio: 2.5/1,000 SF
- NOI In-Place: $685,070
Cushman & Wakefield of California, Inc. is pleased to offer for sale BENSON COMMERCE CENTER, an institutionally-owned and managed industrial business park comprised of six (6) buildings totaling 88,016 square feet and located in the Inland Empire West, one of the most desirable industrial markets in the nation. This investment offering is 95% leased and represents an opportunity to acquire a well-located Southern California multi-tenant industrial business park with stable cash flow as well as rental rate upside.
Institutional Industrial Asset
The Property is institutionally owned and managed and features newer mechanical systems and roofs, clear heights up to 16 feet, wet sprinkler systems, and grade level doors. The building exteriors and common areas were renovated in 2016, along with a seismic retrofit.
The Property consists of six (6) buildings arranged on a five-acre site with professional landscaping, open tenant spaces, and convenient parking at an abundant ratio of 2.5 stalls per 1,000 square feet.
Scarce Infill Asset
The offering provides a critical mass of hard-to-find multi-tenant industrial product located in a business park environment with significant barriers to entry located at a major arterial intersection. Approximately 17,000 cars pass by the property daily on Arrow Highway.
Benson Commerce Center is currently 95% leased to a diverse group of tenants in industries such as construction, healthcare, financial and professional services, sales, and technology. The buildings with street frontage feature a restaurant and numerous retail services.
The six buildings range in size from 8,000 to 18,000 square feet and accommodate tenants from 960 square feet as they grow and expand within the park. The average tenant size is 1,500 square feet.
Freeway Location & Access
The Property is conveniently located just one mile north of Interstate 10 with access via both Central Avenue to the west and Mountain Avenue to the east. The daily traffic count is 260,000 on Interstate 10 at Benson Avenue. Ontario International Airport is only five (5) miles east.
Tight Industrial Market
Market fundamentals remain exceedingly strong in the Inland Empire West with robust new leasing activity of 13.8 million square feet (msf) through mid-year 2017, ahead of 2016’s pace of 21.5 msf. Net absorption is similarly strong at 3.2 msf at mid-year 2017 dropping the vacancy rate to a record low 2.2%, 50 basis points lower than year end 2016. In-place rents for the industrial suites are 10%–15% below market.
Balanced Rollover Schedule
The Portfolio has staggered lease expirations through 2021 for secure in-place cash flow and the ability to take advantage of rising rental rates
as the market continues to improve.
Executive Managing Director
Executive Managing Director