Newmark Grubb Knight Frank (NGKF) announces the sale of Montclair Logistics Center, a newly-constructed 129,928-square-foot single-tenant industrial building located at 4545 Brooks Street in Montclair, CA, for $14.3 million. The building is situated on 5.88 acres of land and was fully leased at the time of closing.
Excelsior Partners was attracted to the building due to its central location between Interstate 10 and State Route 60 freeways and its state-of-the-art features, which include 32’ to 34’ clear height, EFSR fire sprinkler system and fully-enclosed concrete truck court.
“4545 Brooks is an intuitional quality asset that makes a great addition to our portfolio, and we intend to hold it for the long-term,” said Casey Adams, co-founder and principal of Excelsior Partners.
“Timing was essential to this transaction. We worked with both the buyer and seller in what was a rare off-market opportunity,” said Lockhart. “It was also highly strategic for the seller who wanted to hold the property for one year for tax purposes.”
This transaction further underscores the strength of the Inland Empire industrial market. As NGKF reported in its 2Q16 Industrial Market report, developers are ramping up construction in the 100,000-to 250,000-square-foot size segment in particular, due to investor and tenant demand. This segment boasted a 1.9 percent vacancy rate, well below the market average, in second quarter 2016.
“The investor demand is very strong for Class A, single-tenant triple net deals and this building fit well into that category of investment,” Lockhart added.
About Excelsior Partners
Excelsior Partners is a fully integrated commercial real estate investment company headquartered in downtown Los Angeles that acquires core industrial properties in the Western United States. The company is led by a team of seasoned commercial real estate investors, who have been active in the real estate investment business for 15 years, and is affiliated with a family office that has invested in Southern California real estate for over 50 years. The company is income-focused and employs strategic, entrepreneurial management, rather than excessive leverage, to maximize investment returns. For more information, please visit http://www.excelsiorpartnersllc.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.