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5/05/22
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In a retail sales comp from the Inland Empire, Golden Sands Plaza, a 10.1k sf property in San Bernardino, sold for $1.1 mil, or $109/sf. The property, located at 1090 W Highland Ave, is considered a value-add opportunity.
Built in 1962, the property currently boasts an occupancy rate of just over 90%. The center is shadow-anchored by the Home Depot and features many long-term, service-oriented tenants with below market rents. The property benefits from being situated in an Opportunity Zone at a signalized intersection in a high traffic corridor with ease of access to Interstate 215 and Route 259.
Julia Evinger with Marcus & Millichap represented the seller, a limited liability company from Northern California. The buyer, also a NoCal limited liability company, purchased the property as an upleg for their 1031 exchange. They were repped by Evinger, along with colleague Adam Christofferson.
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