Hanley Investment Group Arranges Sale of Highland Avenue Shopping Center in San Bernardino, Calif., for $10 Million
Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of World Plaza, a 55,810-square-foot multi-tenant retail property located on Highland Avenue in San Bernardino in Southern California’s Inland Empire region. The sale price was $10 million.
Hanley Investment Group’s Executive Vice President Matt Burnett represented the seller, Presidio Property Trust, Inc., an internally managed, diversified real estate investment trust. The buyer, a private investor based in the Los Angeles area, was represented by Brian Heron of Commercial Retail Associates of Modesto, California.
“We generated multiple, competitive offers and procured a private Los Angeles-based buyer familiar with both the Inland Empire market and the health club industry,” said Burnett. “The property, which was remodeled in 2018 to accommodate a new 36,000-square-foot Chuze Fitness, was 100% leased with 90% of the property occupied by corporate, credit tenants.”
The shopping center is located at 1535 E. Highland Ave., at the corner of Highland and Del Rosa avenues, a strategic intersection in the heart of San Bernardino, featuring more than 45,000 cars per day. Highland Avenue is the trade area’s primary thoroughfare with Interstate 210 freeway access nearby.
The seven-tenant retail multi-tenant property includes Chuze Fitness, Citizen’s Bank, Mother’s Nutrition, County of San Bernardino, Five Keys School, a dental office and Inland Empire Pharmacy.
“The sale of the Highland Avenue shopping center, a gym-anchored asset located in the heart of the Inland Empire, illustrates the strong rebound in the investment market from the COVID-19 pandemic,” said Burnett.
Hanley Investment Group has sold 102 retail properties in the Inland Empire valued at $550 million in the last 48 months.