IE Business Daily Business news for the Inland Empire.
A commercial real estate company in Orange County has purchased two occupied retail buildings in San Bernardino.
Wood Investments Cos. Inc. bought Food 4 Less and Ross Dress for Less, both in the 500 block of West 2nd Street, the heart of the city’s downtown, according to a statement.
The seller was Canyon Developer, LLC and 505 West Second, LLC. Cost of the properties was not disclosed.
Combined, the stores cover 94,000 square feet on 7.4 acres. The purchase is a “great value opportunity” for the Costa Mesa company, Managing General Partner Patrick Wood said in the statement.
Wood Investments, which specializes in investing and managing retail properties, plans to demolish the adjacent Union Bank Building and replace it with retail, including some fast-food, Wood said.
The Carousel Mall, which is expected to undergo a major renovation, and Marshalls, dd’s Discounts, Starbucks and Big Five Sporting Goods are all nearby.
