Gifford Business Park in San Bernardino, California was sold for $26,000,000 by Positive Investments, Inc., represented by Kidder Mathews Executive Vice President Alan Pekarcik, SIOR. The buyer was Newport Beach-based private investor MIG RE Investors I, LLC, represented by Colliers’ Christopher Smith, Senior Vice President Southwest – Buyer Advisory.
Built in 1989, the multitenant industrial property is located at 750-760 East Central Avenue and 765-791 South Gifford Avenue, 2.5 miles from San Bernardino International Airport and in close proximity to the I-10 and I-215 interchange. The property is situated on 12.52 acres with 11.46 usable acres.
“We are pleased to have executed our business plan of completing improvements on the property and stabilizing rent, then selling,” said Srinivas Yalamanchili, Positive Investments, Inc. Principal.
Recent capital expenditures include roof replacement on five of the seven buildings, exterior paint of the entire property, and parking lot re-slurry. The business park is currently 93% leased with over 50 tenants. In-place rents are nearly 20% below market.
“With limited industrial space available in the submarket, the property offers an opportunity where an investor can capitalize on the increasing market fundamentals fueled by the continued development in the Inland Empire submarket,” said Pekarcik. “There is development potential on the yard pad sites and the ability to capture higher rents, given the high desirability of this asset.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.