Freeway Business Park

INDUSTRIAL | For Sale

Description

  • The project has undergone extensive renovations including new or refurbished tenant improvements throughout most suites and exterior paint.Excellent freeway access with the Riverside (91) Freeway northbound ramp positioned at the project entrance.Desirable and diverse unit sizes can accommodate tenant expansion and contraction within the project, resulting in excellent tenant retention.The Freeway Business Park is a fully occupied project and has enjoyed a stable occupancy history.The project offers a high identity on the 91 and 215 freeways, which have an average traffic count of 149,000 and 157,000 of cars daily, respectively, at this location.A corner location and access from two streets provide excellent street signage, street identity and vehicle circulation throughout the site.Located in a mature submarket with virtually no new development opportunities and offered for sale at a significant discount to replacement cost.Situated in a historically strong submarket with a vacancy rate of 4.69%, down from 5.58% in the second quarter of 2019, with competing business parks average 96.7% occupancy as of 9/30/2019.Freeway Business Park offers a unique “value-add opportunity” with most tenants at below market rents, creating the opportunity for rent increases upon lease renewals. Additionally, the project is situated on 2.84 acres of land area and a low 32% coverage ratio, providing the potential to develop an additional building on the site and/or create an outside storage area for lease.

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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.