SAN BERNARDINO—Avison Young, Canada's largest independently-owned commercial real estate services company, has completed the $8 million sale of Three Carnegie Plaza in San Bernardino.
The 85,846-square-foot, two-story office building, located at 735 East Carnegie Drive, was built in 2005. It is situated on 1.07 acres, the building was 64% occupied at the close of escrow.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company's Irvine office, represented the seller, Rancon Realty Fund V (a California limited partnership), as well as the buyers, 1250 Fairfax, LLC and 521 East 11th St., LLC (a 1031 exchange partnership).
“This asset was a 1031 exchange for the buyer who intends to add value by an aggressive lease-up of the remaining vacant space,” said Vittone. “The property is in excellent condition and has been awarded the Energy Star label for the past four consecutive years.”
Three Carnegie Plaza is located near Interstate 10 and is close to the San Bernardino International Airport. The building is part of the Tri-City Corporate Centre, a 153-acre, master-planned mixed-use development that offers a full spectrum of office and retail options totaling more than 1.2 million square feet.
Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America.
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