(EDITOR’S NOTE: According to public records, an entity linked to Menlo Equities sold the asset to an entity affiliated with Boyd Watterson for $26 million, or approximately $328 per square foot.)
Los Angeles – May 12, 2023 – CBRE facilitated the sale of 960 Overland Court, a 79,036-sq.-ft. R&D/flex building in San Dimas, to San Dimas CA LLC.
Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams with CBRE’s Investment Properties—California/Arizona/Nevada, along with Todd Tydlaska, Mike Longo, Melissa May Moock and Sean Sullivan with CBRE’s Institutional Capital Partners, represented the seller in the transaction.
Located at 936-960 Overland Court, the two-story property sits on 4.25 acres and is fully occupied by Collins Aerospace, a Charlotte, North Carolina-based aerospace and defense product supplier and subsidiary of Raytheon Technologies. The facility is a mission-critical location for Collins Aerospace and houses the company’s research and development operations. Originally built in 1987, the property recently underwent significant landlord renovations and tenant improvements. It features a mix of open-plan and private offices, conference rooms, multiple kitchenettes and 7,600 sq. ft. of warehouse space with two dock-high positions and two truck wells.
“In addition to serving as a mission-critical location for the tenant, the asset offers simplicity of ownership and secure cash flow. New ownership inherits a future mark-to-market story with a high credit tenant who was in its previous location for 40 years,” said Mark Shaffer, Senior Vice President, CBRE. “We saw competitive bidding from discerning capital given the redundancy of the asset’s secure/stable cash flow and future upside.”
The property is situated just south of the Interstate 210 and Highway 57 interchange and provides access to the entire Los Angeles basin via the metro’s freeway and rail system. It’s nearby many of the region’s top universities, including the Claremont Colleges and Cal Poly Pomona and housing at various price points. It’s also close to numerous retail amenities and attractions, including San Dimas Plaza, San Dimas Marketplace, Foothill Village, the Los Angeles County Fair and Raging Waters Amusement Park.
Driven by high demand and scarce supply, the San Gabriel Valley R&D/flex industrial submarket is consistently among the top submarkets in the larger Los Angeles metro, according to CBRE Research. San Gabriel Valley recorded a 1.4% overall vacancy rate in the first quarter of 2023.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.