Retail Asset Sells for $7M

SAN BERNARDINO, CA-A 12-acre retail asset located here has traded hands in a deal valued at $6.5 million.

Two limited liability companies have acquired the parcel. Situated at 1095 E. Laurelwood Dr. on the northwest corner of interstate 10 and Tippecanoe, the property is currently leased to Sam’s Club. The tenant, which holds a 25-year lease, recently constructed a 130,000-sf facility on the site.

Jon Busse of Colliers International acted on behalf of both seller SBT Partners and the buyers, San Luis Rey LLC and Elisenal LLC (with Gregg Sindici of San Diego as general partner).

The Laurelwood Drive acquisition marks Sindici’s third Inland Empire retail purchase in the past several months, as he also recently bought a 28,095-sf San Bernardino site for $1.3 million and shelled out $12.9 million for a 60,527-sf asset located in Rancho Cucamonga. The 28,095-sf San Bernardino property, which is located at the northeast corner of Tippecanoe and Coulston, is currently leased to Jack-in-the-Box. The Rancho Cucamonga asset, meanwhile, consists of the Barnes & Noble/Office Max portion of the Town Center Square Power Center, which is located at 110270-11090 Foothill Blvd.