Tuesday , June 18 2024
Inland Empire Business News.001
Inland Empire Business News.001

SB office building is back on the market

A local commercial real estate brokerage has been hired to market a long-vacant office building in San Bernardino.

The two-story building in the SBD Corporate Center is owned by the Inland Valley Development Agency and was last used by the U.S. Defense Department as an accounting office, said Rick Lazar, senior vice president with Coldwell Banker Commercial Sudweeks Group’s Redlands office.

The building, at 1111 E. Mill St., is across from Stater Bros.’ corporate headquarters. It covers 75,000 square feet and is being refurbished, having sat vacant for about 10 years, Lazar said.

Lazar and Spencer Hull, also a senior vice president with Coldwelll Banker Commercial Sudweeks, were hired by the IVDA last month to market the building, which is about 45 years old.

Lease rates are $1.65 a square foot.

The building is expected to be ready for occupation in six to nine months.

“Ideally we would like to get one tenant, but we’re also ready for multiple tenants,” Lazar said. “The important thing is that we get it filled up. The IVDA wants to get some cash flow from this property.”

Lazar and Hull will also market 11,000 square feet of empty space in an identical office building next door. That building is also owned by the development agency, a joint powers authority that oversees all commercial development at San Bernardino International Airport.

The Inland office market is definitely improving: Riverside and San Bernardino counties absorbed 13,600 square feet of office space during the second quarter, according to Newmark Grubb Knight Frank.

Several other quarterly reports released this week indicated that Inland office market is making a comeback, albeit a modest one.

Still, neither broker would predict how long it might take to fill the vacant building or the block of empty space next door.

“We expect to do well, but we don’t have a crystal ball,” Hull said.

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