IE Business Daily Business news for the Inland Empire.
A 20,000-square-foot retail structure in San Bernardino occupied by Office Depot has been sold for nearly $4.9 million.
The building, at 675 E. Hospitality Lane, is part of the Tri-City Commons/Hospitality Lane District, one of the Inland Empire’s better-known retail, dining, office and hospitality destinations, according to Progressive Real Estate Partners in Rancho Cucamonga.
The building is between Home Depot and Aldi. Nearby tenants include Costco, Sam’s Club, PetSmart, 24 Hr. Fitness, Staples, Buffalo Wild Wings and BJ’s Brewhouse.
Progressive represented the seller, a private investor based in Los Angeles. The buyer, an Inland Empire-based investor, was represented by IPA Commercial Real Estate in Riverside.
Both parties wished to remain anonymous. Information regarding Office Depot’s lease also was not released.
Progressive specializes in small to medium-sized retail transactions, mostly in Riverside and San Bernardino counties. Earlier this year, the brokerage arranged the sale of a 1.7-acre parcel at 897 E. Harriman Place, also within the Hospitality Lane District, that will be home to a 117-room Everhome Suites Hotel.
