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4/19/22
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World Plaza, a 55.8k sf, multi-tenant retail property in San Bernardino, was acquired by an L.A.-based private investor for $10 mil, or $179/sf. The seller was Presidio Property Trust Inc, an internally managed, diversified real estate investment trust.
The property is located at 1535 E. Highland Ave, at the corner of Highland and Del Rosa avenues. The seven-tenant retail center includes such tenants as Chuze Fitness, Citizen’s Bank, Mother’s Nutrition, County of San Bernardino, Five Keys School, a dental office and Inland Empire Pharmacy. It was sold by
Matt Burnett with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was repped by Brian Heron of Commercial Retail Associates, out of Modesto.
“We generated multiple, competitive offers and procured a private Los Angeles-based buyer familiar with both the Inland Empire market and the health club industry,” said Burnett. “The property, which was remodeled in 2018 to accommodate a new 36k sf Chuze Fitness, was 100% leased with 90% of the property occupied by corporate, credit tenants.”
“The sale of the Highland Avenue shopping center, a gym-anchored asset located in the heart of the Inland Empire, illustrates the strong rebound in the investment market from the COVID-19 pandemic,” said Burnett.
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