A building in San Bernardino occupied by Cardenas Markets has been sold.
The 43,360-square-foot structure at 2045 E. Highland Avenue, changed hands for $8.2 million, according to Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment Group’s Executive Vice President Eric Wohl and Associate CJ Kiehler represented the seller, a Newport Beach developer whose name was not released. The buyer, who also was unnamed was a private investor based in Corona represented by ANA Capital in Los Angeles.
The building, renovated in 2018, is near State Route 210, adjacent to Planet Fitness in the Sterling Plaza shopping center. Other tenants include Starbucks and Wendy’s drive-thrus, O’Reilly Auto Parts, Bank of America, and KFC.
“We generated 16 qualified offers and secured a 1031 exchange buyer who exceeded the asking price,” said Wohl. “The property sold for a 4.74% cap rate, a record-low cap rate for a single-tenant Cardenas Markets in the U.S.”