Retail building on Hospitality Lane sells for $4.9 million

A 20,020 square-foot retail building in San Bernardino just sold for $4.9 million. The building, leased to Office Depot, is between Home Depot and Aldi and is part of the Tri City Commons/Hospitality Lane District which is one of the Inland Empire’s most popular and well-established retail, dining, office and hospitality destinations with over 5M square feet of users.

Progressive Real Estate Partners represented the seller, a private Los Angeles-based investor in the transaction.  The buyer, a private Inland Empire based entity, was represented IPA Commercial Real Estate.

Built in 1991, the center has excellent freeway visibility and monument signage on the heavily traveled I-10 with average daily traffic counts of over 204,000 cars.

The sale included both the building and 81 parking spaces plus reciprocal parking with the shopping center.  Other users in the center and neighboring include nationally recognized brands like Costco, Sam’s Club, PetSmart, 24 Hr. Fitness, Curacao, 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 245,000 people residing within 5-miles as well as a daytime population of over 109,000 employees.