Hanley Investment Brokers Sale of Inland Empire Office Building
- Jul 10, 2020
Hanley Investment Group has arranged the sale of a 50,082-square-foot, single-tenant office building in San Bernardino, Calif. Executive Vice President Matt Burnett represented the seller, a private investor and President Ed Hanley assisted the buyer, The Krausz Cos. The asset traded for $13.4 million in a 1031 exchange transaction. According to Yardi Matrix, the sale was subject to a $7.3 million loan, provided by Alliant Credit Union.
The two-story, LEED-certified property was built in 2009 and is occupied by county authorities. Located on a roughly 5-acre site at 265 E. 4th St. the building is within 2 miles of Interstate 215 and the San Bernardino International Airport. More than 348,000 people live within 5 miles of the site, according to a statement by Hanley Investment. The property is also located within an Opportunity Zone.
In May, Burnett brokered the $4 million sale of a two-tenant retail property in Ontario, Calif. The asset changed hands at a 5.4 percent cap rate.