Progressive Real Estate Partners closed the $6,789,000 all cash sale of a 44,290-square-foot multi-tenant commercial flex center at 165 E. Hospitality Ln. in San Bernardino. The center is part of the Tri City Commercial Hub/Hospitality Lane District, one of the Inland Empire’s most popular commercial hubs.
SVP Greg Bedell and senior investment sales advisor Lance Mordachini represented the Los Angeles-based seller and repeat client. The buyer, a private Orange County investor, also owns other Inland Empire commercial properties.
Built in 1980, the 93% occupied multi-tenant flex center includes two buildings with highly adaptable and divisible/combinable suites. The property is home to a diverse mix of 24 tenants including restaurant, healthcare, education, fitness, finance, office and retail users.
Bedell said, “Higher construction costs have slowed new multi-tenant commercial development, while demand for existing space—especially 1,000- to 3,000-square-foot suites—remains strong. With limited new supply, rental rates are rising. This acquisition allows the buyer to capitalize on these market conditions and also add value through making property upgrades that enhance the center’s success.”
