Irvine, CA – Avison Young announced today it has brokered the $21.15 million sale of Gifford Business Park, a multi-tenant, 156,937 square-foot industrial property located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave. in San Bernardino, CA.

Avison Young Principal Alan Pekarcik, who is based in the firm’s Irvine office along with Chris Smith represented the buyer, a private investor from Southern California. The buyer purchased the asset as an upleg in a 1031 exchange. The seller was Phoenix-based Gifford Business Park, LLC.

Built in 1989, the seven-building property is situated on approximately 11.5 acres of land. At the close of escrow, it was 95% occupied by approximately 35 tenants.

This property is a perfect complement to the buyer’s portfolio,” said Pekarcik. “The buyer plans on making some upgrades to the asset over the coming months.”

Smith noted that Inland Empire-based multitenant business parks remain one of the most desired assets in today’s market given the low vacancy rates and rising rents.

The property is located near the 10 and 215 freeways as well as the San Bernardino International Airport and surrounded by institutional-grade industrial buildings with newer construction.