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February 21, 2024
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DPI Retail Buys Inland Empire Shopping Center in $24 Mil Deal


DPI Retail purchased Tri-City Center, a 151.7k sf shopping center in San Bernardino, in a recent $24.3 mil ($160/sf) transaction.

Built in 1987, the 100%-occupied center is anchored by a 24-Hour Fitness and Curacao. Additional tenants include Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Over 70% of the GLA is occupied by tenants that have operated at Tri-City Center since 2005 or earlier.

The property is located adjacent to the Interstate 10 Fwy, providing visibility to over 200,000 cars per day, and is 0.4 miles from the Waterman Ave on/off ramp. It is strategically positioned at the center of the submarketís primary retail corridor and is surrounded by highly desirable retailers, including Costco, Samís Club and Home Depot.

The property is also adjacent to the Tri-City Corporate Center, one of the largest office complexes in the trade area with over 1 msf across 17 Class A and B office buildings. In addition, within a five-mile radius of the center is a customer base of 253,000.

The property was sold by Unilev Capital. Bryan Ley and Tim Kuruzar with JLL Retail Capital Markets represented the seller in the deal.

ďThe rapid rise in interest rates in 2023 highlighted the yield profile of Tri-City and bolstered the desirability of attractive in-place assumable financing. Combined with the freeway adjacent location and stickiness of the current tenancy, we expect Tri-City and like-kind assets to continue to perform well into the future,Ē said Kuruzar.

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