This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

245-259 E Redlands Blvd

91,762 SF 97% Leased Retail Building San Bernardino, CA 92408 £13,440,433 (£146/SF) 7.80% Net Initial Yield

INVESTMENT HIGHLIGHTS

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

EXECUTIVE SUMMARY

Mixed use, city block. Irreplaceable location, on the 10 freeway at Waterman Ave. off ramp
7.8% cap with up-side in raising low rents and redevelopment
Stabilized medical and office property and retail . 5 buildings , totaling 119,362 sq. ft. on 8.5 acres.
Only $142 / sq. ft.!
Up-side in a redevelopment of the eastern "retail" side of the property.
+/- 54,000 sq. ft. of the total is currently leased by Loma Linda University Medical and is 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
Loma Linda 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.

PROPERTY FACTS

Sale Type
Investment
Sale Condition
Portfolio Sale
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
91,762 SF
Building Class
B
Year Built
1980
Price
£13,440,433
Price Per SF
£146
Net Initial Yield
7.80%
NOI
£1,048,354
Percent Leased
97%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.38
Lot Size
5.60 AC
Parking
500 Spaces (5.45 Spaces per 1,000 SF Leased)
Frontage
332 ft on E Redlands Blvd

AMENITIES

  • Freeway Visibility
  • Pylon Sign
  • Signage
  • Air Conditioning

NEARBY MAJOR RETAILERS

Golden Corral
Starbucks
Esporta Fitness
La Fitness
Mimi's Cafe
Jpmorgan Chase & And Co
Black Angus Steakhouse
Claim Jumper Steakhouse & Bar
TGI Fridays
Citizens Business Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 0141-403-02
  • 0164-321-75
Land Assessment
£1,524,296
Improvements Assessment
£3,467,014
Total Assessment
£4,991,310
  • Listing ID: 34345537

  • Date on Market: 02/01/2025

  • Last Updated:

  • Address: 245-259 E Redlands Blvd, San Bernardino, CA 92408

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}