245-259 E Redlands Blvd
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245-259 E Redlands Blvd
91,762 SF 100% Leased Retail Building San Bernardino, CA 92408 £13,055,419 (£142.27/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.
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
Building Size
91,762 SF
Building Class
B
Year Built
1980
Price
£13,055,419
Price Per SF
£142.27
Net Initial Yield
7.80%
NOI
£1,018,323
Percent Leased
100%
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
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £3,378,088 | |
| Land Assessment | £1,485,200 | Total Assessment | £4,863,288 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£1,485,200
Improvements Assessment
£3,378,088
Total Assessment
£4,863,288
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245-259 E Redlands Blvd
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