The Praedium Group has sold Arrow Business Park in Rancho Cucamonga, Calif., to Prologis for $12.3 million, or roughly $48 per sq. ft. Prologis is one of the nation’s largestREITs.
Praedium invests in under performing and undervalued assets throughout North America. The firm hasinterests in $2 billion worth of real estate.
The sale involves two large warehouse/distribution properties with 257,400 sq. ft. CB Richard Ellis represented both the seller and the buyer.
"Well-located warehouse and distribution product is very much in favor with investors, as maintenance and management are relatively straightforward compared with most other commercial asset classes," says Chris Hughes, a Praedium principal.
"Additionally, the extension of the 210 Freeway has increased investor interest in this location within the Inland Empire market," adds Hughes.