SAN BERNARDINO, Calif. – RealEstateRama – 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 over $550 million in the last 48 months.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $9 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
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