|
4/21/17
|
Charter School Capital paid $14.5 mil for an 86.6k sf ($167/sf), multi-tenant office building in San Bernardino. The property, located at 655 West Second St, north of Rialto Ave and just east of I-215, was sold by California Community Collaborative.
The property has large, flexible floor plates enabling tenants to expand and contract freely. Additionally, the property benefits from street frontage and easy access to multiple retail outlets. The building is currently 80% leased to two tenants; Fortune School of Education and the San Bernadino Superior Court.
CBRE’s Gary Stache, Anthony DeLorenzo, and Doug Mack and CBRE’s local market expert Phil Woodford represented the seller in the deal. The buyer was repped by an outside broker.
After some of the strongest employment growth in Southern California, the Inland Empire office market has shown significant improvement over the past five years. Total non-farm employment in the region increased 20.6 percent while the vacancy rate in the office market fell to 12.5 percent from 23.2 percent from November 2011 through November 2016. Net absorption in the Inland Empire was positive throughout 2016 and in 19 out of the past 20 quarters.
|
|
Return to the Archive page
|
|
|
|
|