{"id":1004376173,"date":"2019-12-16T07:01:37","date_gmt":"2019-12-16T15:01:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004376173"},"modified":"2019-12-16T07:01:37","modified_gmt":"2019-12-16T15:01:37","slug":"inland-empire-industrial-park-changes-hands-for-9m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-empire-industrial-park-changes-hands-for-9m\/","title":{"rendered":"Inland Empire Industrial Park Changes Hands for $9M"},"content":{"rendered":"<div id=\"attachment_1004376200\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004376200\" data-attachment-id=\"1004376200\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/inland-empire-industrial-park-changes-hands-for-9m\/lemon-street-industrial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg\" data-orig-size=\"1501,1127\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1551271320&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Lemon Street Industrial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Lemon Street Industrial Center. Image courtesy of Avison Young&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg?w=1024\" class=\"wp-image-1004376200 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg 1501w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Lemon-Street-Industrial-e1576504552831.jpg?resize=1024,769 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004376200\" class=\"wp-caption-text\">Lemon Street Industrial Center. <em>Image courtesy of Avison Young<\/em><\/p><\/div>\n<p>Positive Investments has sold Lemon Street Industrial Center, a 102,400-square-foot multi-tenant business park in Hesperia, Calif. Gofermor LLC acquired the asset for $8.9 million, in a 1031 exchange. Avison Young represented the seller, who had bought the property in 2018 for $8 million, Yardi Matrix data shows.<\/p>\n<p>Built in 1986, the six-building asset is situated on 11 acres at 17229 Lemon St. and is fully occupied by 17 tenants. The industrial center includes 20-foot clear height, 200 parking spaces, 23 percent office build-out and prominent monument signage.<\/p>\n<p>The property is located approximately 4 miles east of Interstate 15. The surrounding area offers several retail options, including Hesperia Square Shopping Center, situated within 2 miles of the asset. The business park is within an Inland Empire submarket that has been seeing a vacancy rate below 2 percent for several quarters, as well as low development activity and strong tenant demand, according to Chris Smith, senior associate at Avison Young.<\/p>\n<p>The brokerage team working on behalf of Positive Investments included Smith and Principal Al Pekarcik, both based in Irvine, Calif. Recently, another one of Avison\u2019s teams represented the seller of a <a href=\"https:\/\/www.commercialsearch.com\/news\/avison-young-negotiates-15-4m-sale-of-tampa-bay-property\/\">150,633-square-foot flex office portfolio<\/a> in Clearwater, Fla.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lemon Street Industrial Center, a 102,400-square-foot property, was sold by Positive Investments to a buyer in a 1031 exchange.<\/p>\n","protected":false},"author":868,"featured_media":1004507865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,34027,21783,21742,15],"tags":[41234,33022,48194],"class_list":["post-1004376173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-alan-pekarcik","tag-avison-young","tag-positive-investments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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