CBRE Negotiates $26.75 Million Sale of Office Building in San Bernardino

CBRE recently facilitated the $26.75 million sale of 451 East Vanderbilt Way, a 115,520-sq.-ft.-office building in San Bernardino, Calif.

Anthony DeLorenzo and Sammy Cemo of CBRE's Investment Properties, along with Philip Woodford, Kyle Yocum and Michael Longo, represented the seller, a partnership between Harbor Associates & Taconic Capital, in the transaction.

"Vanderbilt Plaza offers a true rarity for an owner-user office opportunity in a market with no other inventory for larger office users," said Mr. Cemo, first vice president at CBRE. "At the time of sale, the building was currently the only office property in the Inland Empire that can accommodate a user with a need for more than 100,000 sq. ft."

The four-story building is located in the Tri-City Corporate Centre. Suites range in size from 5,279 sq. ft. to 29,582 sq. ft. At the time of sale, the County of San Bernardino was the largest occupier.

"This will serve as a mission-critical office for the County," added Mr. Cemo, "This building will be essential for the County's growing office footprint within the Tri-City Corporate Centre."

According to CBRE Research in Q3, net absorption stayed positive for the city of San Bernardino, one of the primary drivers of the eastern part of the Inland Empire's overall positive 62,000 sq. ft. of net absorption.