San Bernardino Retail Property Sells for $8.2M
Hanley Investment Group sells 43,000 SF retail property in San Bernardino for $8.2M
Hanley Investment Group has closed the sale of a 43,000 SF retail property located at 2045 E. Highland Ave. in San Bernardino for 8,230,000. The property was sold for a price per square foot of 191. The buyer and seller were not disclosed.
The property is located in a densely populated area with over 200,000 people within a five-mile radius. The property is situated on a busy street with high traffic counts and is surrounded by national retailers such as Walmart, Target, and Home Depot.
The property was built in 1990 and underwent renovations in 2015. It is currently 100% leased to a mix of national and local tenants, including a grocery store, a pharmacy, and a restaurant. The property has a strong tenant mix and stable cash flow, making it an attractive investment opportunity.
The buyer and seller were represented by brokers from Hanley Investment Group. The seller, Eric Wohl, is a senior vice president at Hanley Investment Group and specializes in the sale of retail properties. The buyer was not disclosed.
Overall, this sale demonstrates the continued demand for well-located retail properties with strong tenant mixes and stable cash flows. The San Bernardino market has seen increased interest from investors in recent years due to its growing population and proximity to major retailers. This sale is a testament to the strength of the market and the value of well-positioned retail properties.