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2/21/25
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An OC-based private investor paid $6.8 mil for a 44.3k sf ($153/sf) multi-tenant commercial flex center in San Bernardino. Built in 1980, the 93% occupied property consists of two buildings featuring highly adaptable and divisible/combinable suites ranging in size from 950 sf to 1.9k sf.
The property is home to a diverse mix of 24 tenants including restaurant, healthcare, education, fitness, finance, office and retail users. Several improvements have been made to the center over the past 5 years including new roofing, multiple new HVAC units, fresh paint as well as the addition of LED lighting and drought tolerant landscaping.
The property is located at 165 E. Hospitality Lane, within the Tri City Commercial Hub/Hospitality Lane District, which is ideally situated at the intersection of the busy I-10 and I-215 freeways and is one of the Inland Empire’s most popular commercial hubs with over 4.4 msf of office, industrial, retail and hospitality uses.
The center features multiple points of access, over 330 feet of frontage along Hospitality Lane, plenty of parking and is conveniently located at the signalized intersection of Hospitality Lane and Hunts Lane. Within a 10-minute drive there is a population of over 121,000 people with an average household income of $91,360 and a daytime marketplace of 64,755 employees.
Neighboring businesses including the Loma Linda University of Dentistry, Hospitality Executive Center, Hospitality Plaza Medical Center, San Bernardino Hall of Records, Staybridge Suites, El Torito, Red Lobster, IHOP and many others.
Greg Bedell, CCIM and Lance Mordachini with Progressive Real Estate Partners represented the Los Angeles-based seller and repeat client in the transaction. The buyer also owns other Inland Empire based commercial properties.
“Higher construction costs have slowed new multi-tenant commercial development, while demand for existing space—especially 1k sf to 3k sf suites—remains strong,” commented Bedell. “With limited new supply, rental rates are rising. This acquisition allows the buyer to capitalize on these market conditions and also add value thru making property upgrades that enhance the center's success.”
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