A class A office building offering 115,520 square feet of space in San Bernardino has recently hit the market with an asking price of $19.64 million, or approximately $170 per square foot. According to an offering memorandum obtained by The Registry, Vanderbilt Plaza is located in one of the Inland Empire’s largest office campuses and is one of few properties in the region that can accommodate an owner/user with a 100,000 square-foot requirement.
Located at 451 E. Vanderbilt Way on 0.82 acres of land, the property reaches four stories and was built in 2004. The property is currently owned by Harbor Associates, a Long Beach-based real estate investment company, and offers 927 parking spaces as well as a large lobby and upgraded flexible office spaces.
The listing shows that the property is currently 16 percent occupied by several tenants, including Wilson Ivanova Certified Public Accountants, Inc. and Fidelity National Title Insurance Company.
“There are three leases in place in roughly 16 percent of the rentable area, which provides an alternative income source for an owner/user and helps offset debt service, further reducing occupancy cost. The ability to grow the income component of the property provides further versatility for a user through leasing out any vacancy not immediately needed for occupancy,” the offering memorandum states.
The property is located within Tri-City Corporate Centre, a prominent mixed-use campus in the Inland Empire. Tri-City Corporate Center consists of 17 Class A and B office buildings and spans 153 acres. The office campus contains a variety of nearby retail and dining amenities and is in close proximity to Interstate 10 and 215. According to the offering memorandum, the property is within three miles of 27 restaurants, six banking locations, 14 grocery stores and 10 fitness centers.
With its Inland Empire location, the region surrounding the property has seen tremendous growth over the past several years, the offering memorandum showed. With a population of 4.5 million people, the region is California’s second largest after Los Angeles County, and has grown 3.5 times faster than the rest of Southern California since 1990. Further, job opportunities in the area continue to expand, with a reported 53 percent growth since February of 2020.
“The Inland Empire provides the benefits of real estate affordability and direct access to the Los Angeles Basin’s workforce and amenities. These advantages have been driving the consistent increase in tenant demand for the Inland Empire’s office space. The region, whose economy is the size of the State of Utah ($200 Billion GPD), is among national leaders in job and housing price growth,” the offering memorandum states.
The property is being listed by CBRE, which did not respond to requests for comment.