It has been reported as an off-topic comment on this issue:
https://github.com/arduino/arduino-cli/issues/846#issuecomment-678842289I requested they create a dedicated issue report about it, but they never did it. I did create an item in the Arduino Tooling Team's "to do" list so it wouldn't be forgotten by us. However, it is nice to have a public report in the issue tracker as a dedicated place to collect all information related to the issue, so you are welcome to create one.
I have also spent some time messing around with various permutations and also have not been able to find any workaround.
One thing I found confusing with the report from @bxparks was this statement:
Note that the Arduino IDE's --pref flag handles the parsing correctly, so the CLI's --build-properties is not a replacement for the IDE's --pref:
This could be construed as indicating that `arduino --pref` supported quotes in. However, if you read closely, it's actually saying that `arduino --pref` supports commas, which `arduino-cli --build-properties` does not. But `arduino --pref`also doesn't support quotes.