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1/09/24
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Harbor Associates LLC, in a joint venture with Taconic Capital Advisors LP, has sold a 115.5k sf, Class A office building in a deal that represents the third and final transaction in a five-property $69.85 mil office portfolio disposition in San Bernardino. The building, located at 451 E. Vanderbilt Way, just north of I-10, fetched $26.75 mil ($232/sf).
According to other news sources, the buyer was San Bernardino County, which currently leases two floors of the building.
The Harbor/Taconic joint venture acquired the 368k sf portfolio in an off-market deal in October 2019 for $41.7 mil. All five of the assets, ranging in size from 70k sf to 115k sf, are located within the Tri City Corporate Center, a 153-acre master planned mixed-use office park with one million square feet of commercial office and 390k sf of retail space.
Harbor re-positioned and leased up the assets through a renovation program that included an upgraded building entry and lobby experience, elevator improvements, new roof, and replacement of the original HVAC units. The portfolio had rent-ready spec suites, EV charging stations and a LED lighting retrofit performed by Harbor along with new building and project signage. During the hold period, the joint venture executed two separate leases with the County of San Bernardino, which represented two of the largest leases in the Inland Empire last year.
The partnership embarked on a portfolio break-up strategy beginning in November 2021 with the $8.9 mil sale of 301 E. Vanderbilt Way, later selling 621, 625 and 685 E. Carnegie Drive in November 2022 in a single transaction for $34.175 mil.
Anthony DeLorenzo and Sammy Cemo of CBRE's Investment Properties, along with Philip Woodford, Kyle Yocum, and Michael Longo, also with CBRE, advised the Harbor/Taconic joint venture in the portfolio sale. Last week, Harbor acquired a five-story, 164.7k sf, Class A creative office building on Los Angeles’ westside for $44.7 mil.
“We see the long-term viability of well-located assets in high-barrier-to-entry Southern California markets and will continue to invest in office asset as values reset from their pre-COVID pricing levels” said Harbor Principal Paul Miszkowicz.
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