After it was placed up for sale last year, a mixed-use neighborhood center in San Bernardino has traded hands. According to Vizzda records, the 87,480 square foot building in San Bernardino traded for $16 million, or about $182 per square foot. The property was sold by Cadence Capital to an entity affiliated with management firm 1st Commercial Realty Group.
The property is located at 295 E Caroline St. and consists of one building on 3.62 acres of land. The building was constructed in 1990. The property is known as the Club Center, and was placed up for sale in July of 2023 for $16.98 million, or approximately $195 per square foot, according to a previous report from The Registry. The asset was marketed by Hanley Investment Group.
At the time it was placed up for sale, the property was fully leased to various tenants, including government, office, medical and entertainment users. Over 60 percent of the property is leased to San Bernardino County, and the County’s Fire Protection Office, at that time, had doubled their leased space to cover 19,000 square feet. Other tenants include Building Bridges Foster Family Agency, Eclipse Gymnastics and Central Occupational Medicine Providers.
Cadence Capital is a real estate development and investment firm based in Greenwood Village, Colo. The firm was founded in 2001 and has a portfolio spanning Colorado, Washington and California.
The company has been active elsewhere in Southern California over the past year.
In June of 2023, the firm, along with Oakwood Real Estate, sold a 61,454 square foot shopping center in Santa Ana. Known as Bristol Place, the property traded for $36.5 million, or about $593 per square foot. The shopping center is located at 3310-3398 South Bristol St.
