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1/30/23
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Paladin Equity Capital purchased 1.72 acres of land at 898 E. Harriman Place in San Bernardino for $1.85 mil. The land is adjacent to Best Buy and is located in the popular Hospitality Lane District, which is a major Inland Empire shopping, dining and hospitality destination.
Paladin, a SoCal based full-service real estate investment and development company, plans to develop an Everhome Suites extended stay hotel on the site. Everhome is the newest franchised brand recently launched by Choice Hotels which is one of the largest lodging franchisors in the world with over 22 brands representing nearly 650,000 rooms. There are a number of Everhome hotels currently in development with the first location having recently opened in Corona, California.
The San Bernardino Everhome Suites hotel is projected to break ground in summer of 2023 and will encompass approximately 60k sf and feature 117 rooms. The extended stay hotel concept is specifically designed to accommodate the lifestyle of longer-stay guests. Apartment-style suites with fully equipped kitchens and customizable spaces, including workstations, full-size closets, additional storage and spa-like bathrooms are some of the amenities. Properties also feature relaxing public spaces, fitness center and 24/7 self-service marketplace with a variety of food and beverage options.
The Hospitality Lane District is ideally located adjacent to the heavily traveled I-10 Fwy with average daily traffic counts of over 200,000 cars. The district includes over 5 msf of retail, office, dining, and hospitality uses including nationally recognized brands like Costco, Sam’s Club, 24 Hr. Fitness, Curacao. Aldi, Home Depot, Staples, Buffalo Wild Wings, BJ’s Brewhouse, Olive Garden, Lakeshore Learning, Residence Inn, Hampton Inn and others. It’s also a very densely populated area with over 224,000 people residing within five miles as well as a daytime population of over 142,000 employees.
Brad Umansky and Paul Galmarini with Progressive Real Estate Partners represented the seller, Los Angeles based NHOS Enterprises. Paladium Equity was repped by Kevin Barry at Irish Commercial Brokerage.
According to Umansky, “San Bernardino’s Hospitality Lane has rightfully become the major hospitality destination for the San Bernardino, Loma Linda and Redlands trade areas. Furthermore, the acquisition of this land, which was originally designated for retail, is indicative of the popular trend toward positioning hospitality uses adjacent to retail.”
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