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7/07/21
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A local San Bernardino County-based private investor paid $4.65 mil for a brand new, 5.05k sf ($919/sf) Starbucks Drive-thru anchored shop building in San Bernardino, as part of a 1031 exchange transaction. The multi-tenant building, located at 2067 E. Highland Ave, is fully leased and is part of a Cardenas- and Planet Fitness-anchored neighborhood center situated at one of the trade area’s most prominent retail intersections.
Built in 2020, the three-tenant shop building features high quality modern architecture. In addition to Cardenas and Planet Fitness, the popular neighborhood center also features a variety of other shops and services including a brand new Wendy’s Drive-thru that opened in late 2020.
Other retailers at the intersection include 99 Cents Only, CVS, Walgreens, Big 5, Dollar Tree, dd’s Discounts, Harbor Freight and Chase Bank. The center benefits from its excellent location less than ¼ mile from the I-210 Fwy at the signalized intersection of Highland Ave and Sterling Ave, with visibility to over 39,000 vehicles per day.
The asset traded for what we’re told is a record 5.14% cap rate for a multi-tenant retail property in San Bernardino County. Greg Bedell, CCIM, with Progressive Real Estate Partners represented the sellers, Sage Investco and Pacific Riviera Properties. The buyer was repped by Choong “Bruce” Lee with NewStar Realty and Hope Kim, an independent broker. Paul Galmarini and Roxy Klein, also with Progressive, were instrumental in creating significant value through the lease-up of the last space to Lefty’s Cheesesteak.
According to Bedell, “The brand new construction and Starbucks Drive-thru anchor made this asset particularly attractive. We generated multiple quality offers and ultimately the property traded within 97% of the asking price at a record cap rate. This sale further demonstrates investor demand for quality retail assets located at highly trafficked “daily needs” centers within the Inland Empire”.
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