Firm Represents Seller in Disposition of 143,082 SF Shopping Center
SAN BERNARDINO, January 7, 2019 – Cushman & Wakefield’s retail investment specialists, Managing Directors Dixie Walker and Charley Simpson have represented the seller, Brixmor Property Group, with the buyer, International Properties Holding Group, LLC, representing themselves in the sale of San Bernardino Target Center.
The property is located at 499 W. Orange Show Road, San Bernardino – one exit north of the 215 and 10 freeway interchange with an average of 360,000 cars per day. San Bernardino Center is 100 percent occupied and anchored by a 105,565 SF Target (NYSE: TGT) and a 37,367 SF Big Lots (NYSE: BIG).
“It was a quick all-cash sale to a 1031 exchange buyer. The buyer recognized the rare ability to own a successful Target store combined with an adjacent long term Big Lots,” Walker said. “The site also had longer term re-development potential to add additional footage.”
San Bernardino County is a leader in the State of California for job growth and population growth. Over the last few years San Bernardino has experienced explosive growth in the lease-up and development of big box industrial distribution and warehouse projects, which has translated into strong job growth and an increase in taxable sales in the immediate trade area.
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