IE Business Daily Business news for the Inland Empire.
A Starbucks-anchored retail building in San Bernardino has sold for $4.6 million.
The 5,000-square-foot structure at 2067 Highland Ave. opened last year and is fully leased, according to Progressive Real Estate Partners in Rancho Cucamonga, which announced the sale today on its website.
Progressive marketed the property and represented the sellers, Sage Investco and Pacific Riviera Properties. The buyer, a San Bernardino County-based private investor whose name was not released, was represented by NewStar Realty and Hope Kim, an independent broker.
The building is in a neighborhood shopping center at Highland and Sterling avenues. Other anchor tenants include Planet Fitness and Cardenas Market.
The sale price – $919 per square foot – is the most ever paid for a retail property in San Bernardino County.
Progressive, which specializes in small to medium-size retail transactions, recently leased the shopping center’s last parcel to Lefty’s Cheesesteak, which reportedly increased the property’s value by more than $1 million.
Other retailers at the site include a Wendy’s drive-thru, 99 Cents Only, CVS, Walgreens, Big 5, Dollar Tree, dd’s DISCOUNTS, Harbor Freight and Chase Bank.
