245-259 E Redlands Blvd - Storefront Retail/Office FOR SALE


San Bernardino, CA 92408
$12,750,000 USD
909-969-8800
245-259 E Redlands Blvd, San Bernardino, CA for Sale
$12,750,000 USD
Storefront Retail/Office - FOR SALE
1/21
null | 9.35% Cap Rate

245-259 E Redlands Blvd
San Bernardino, CA 92408


HIGHLIGHTS

  • This property will be a fierce competitor for any and all medical users serving the surrounding area now and in the future.
  • 26 min 19.3 mi from Ontario International Airport
  • 7 min 2.3 mi from Loma Linda University Medical Center

OVERVIEW

Stabilized medical and office property. 2 buildings built in 1980, totaling 91,762 sq. ft. on 5.6 acres. Only $138 / sq. ft.! that price per sq. ft. includes +/- 54,000 sq. ft. of the total 91,762 being built out and used as medical space. An $8 MM tenant improvement package was built for the tenant 15 years ago. The price per foot is roughly 1/3rd of replacement costs Medical parking ratio for the medical space 9.35% cap rate The major tenant has announced plans to relocate, to a build to suit property now under construction. The relocation will likely occur in 2-3 years, giving plenty of time to arrange plans for re-tenanting. One idea is to condo map the property and sell segments individually. Or lease to any number of local servicing medical companies The property has maintained a high occupancy for its entire history. The 10 Freeway, Waterman off ramp being across the street is part of that success. The property benefits from being on the south side of the 10 freeway, causing it to be functionally proximate and in the trade market with Loma Linda versus San Bernardino. (Loma Linda University Medical group is the major tenant) Given the price per sq. ft. acquisition price, this property will be a fierce competitor for any and all medical users serving the surrounding area now and in the future. The western section, described herein, is being offered independently from the eastern section (same ownership group) which is retail oriented and will likely undergo a complete re-development. A minor lot line adjustment will be completed during the escrow period for cause a logical bifurcation of the 2 sides

FOR SALE DETAILS

PRICE

$12,750,000 USD

PRICE/SF

$139 USD /SF

CAP RATE

9.35%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Medical

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

SPRINKLERS

-

PARKING SPACES

500

LAND DETAILS

LAND ACRES

5.6 AC

LAND SF

243,936 SF

ZONING

-

APN/PARCEL ID

0164-321-75

ASK ABOUT THIS PROPERTY

Lee SpenceDAUM Commercial Real Estate ServicesMore Info
909-969-8800

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Lee SpenceDAUM Commercial Real Estate ServicesMore Info
909-969-8800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.