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3/15/23
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A 20k sf retail building in San Bernardino traded at a price of $4.9 mil ($245/sf). The building, located at 675 E. Hospitality Lane, is leased to Office Depot.
The property is situated between Home Depot and Aldi within the Tri City Commons/Hospitality Lane District, which is one of the Inland Empire’s most popular and well-established retail, dining, office and hospitality destinations with over 5 msf of users.
Built in 1991, the center has excellent freeway visibility and monument signage on the heavily traveled I-10 with average daily traffic counts of over 204,000 cars. The sale included both the building and 81 parking spaces plus reciprocal parking with the shopping center.
Other users in the center and neighboring include nationally recognized brands like Costco, Sam’s Club, PetSmart, 24 Hr. Fitness, Curacao, Staples, Buffalo Wild Wings, BJ’s Brewhouse, Olive Garden, Lakeshore Learning, Residence Inn, Hampton Inn and others. The building’s location is in a very densely populated area with over 245,000 people residing within five miles as well as a daytime population of over 109,000 employees.
Greg Bedell, Paul Galmarini and Paul Su with Progressive Real Estate Partners represented the seller, a private Los Angeles based investor, in the transaction. The buyer, a private Inland Empire-based entity, was repped by Jason Alter at IPA Commercial Real Estate.
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