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24-Unit Multifamily Community in San Bernardino County Sells to Private Investor for $6.3 Million – CBRE

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Los Angeles – May 7, 2020 – CBRE announced the sale of a 24-unit multifamily property, The University Palms in Loma Linda, Calif., to a private buyer for $6.3 million.

CBRE’s Cray Carlson represented the seller, a private investor, in the transaction.

Located 25356 Cole Street, The University Palms was originally built in 1968 and is comprised of 24 two-bedroom, one-bathroom units. The property sits on a 1.01-acre lot and underwent extensive interior and exterior renovations in 2005. Amenities include a laundry facility, pet play area and 47 parking spaces.

The University Palms is walking distance to Loma Linda University, as well as numerous hospitals, research facilities and health and wellness centers. The apartment community is less than two miles from I-10, a major freeway that connects Loma Linda to Los Angeles, Orange and Riverside Counties.

“The property had been marketed for six months before we took over the listing and developed a targeted marketing strategy for the asset,” said Carlson. “We were able to obtain a markethigh sales price while also providing the buyer, who was nearing the end of a 1031 exchange, with a perfect property in a great area of Loma Linda.”

The CBRE team of Eric Chen and Blake Torgerson represented the buyer.

“The buyer, a private investor based in the Inland Empire, was identified through an established long-term client relationship,” said Torgerson. “We were able to help them complete their 1031 exchange from a property located out of state and successfully accomplish their goals of purchasing a stable asset in a desirable location that will not require extensive renovations in the foreseeable future.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Commercial Real Estate

36th Street Partners Acquires Value-Add Multi-Tenant Industrial Asset near Ontario International Airport

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36th Street Partners announces today it has acquired a 17,360-square-foot (sf) multi-tenant industrial property located at 1804 to 1828 E. Elma Court in Ontario, Calif. for $3.48 million.

Built in 1982 and situated on a 1.3-acre parcel that is zoned for light industrial use, the property includes 13 units that are 100% occupied with tenants using the spaces for office and warehouse purposes.

“We saw this asset as an ideal opportunity to create value by renovating units upon lease expiration and bringing rents to market rates,” said Adam Norvell, Founder & Managing Partner of 36th Street Partners. “The property is in a coveted infill Inland Empire West location just north of Ontario International Airport with little to no new comparable product nearby due to it being cost-prohibitive. If anything, supply is decreasing as institutional groups are demolishing these smaller industrial buildings to developer larger single-tenant product.”

He noted that the property also has a condominium map in place, providing the ability to sell the units individually to small users as one potential exit strategy.

36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office focused on real estate, media, entertainment and technology opportunities. Brian Tressen of Martin Associates represented 36th Street Partners in the transaction. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.

36th Street Partners is actively pursuing value-add industrial and IOS acquisitions in Southern California, ideally targeting assets valued at $10 million or more.

Norvell added, “The investment landscape will be very attractive for new acquisitions over the next 12 to 24 months. Pricing has adjusted significantly, and deals are starting to make sense in this higher interest rate environm

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Commercial Real Estate

Court Appoints Receiver to Oversee Former American Sports University Dormitory in San Bernardino

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The San Bernardino Superior Court has placed the former American Sports University Dormitory, located at 340 West Fourth Street under receivership. In a ruling dated January 18, 2024, Judge Thomas Garza appointed Richardson Griswold of Griswold Law in Encinitas as Receiver.

“We are pleased that Judge Garza has granted our motion to appoint a Receiver,” said San Bernardino City Manager Charles Montoya. “He agreed that the site conditions have likely worsened since we made our initial request for a receiver a year ago and the property poses a danger to the community.”

Under the powers granted by the Court, Griswold is authorized 1) to rehabilitate the property; 2) demolish the building, or 3) sell the property to an entity who will promptly undertake the rehabilitation and correct the identified deficiencies and violations.

Receiver Richardson “Red” Griswold has extensive experience as a court appointed receiver. He has been appointed by over 180 California courts in 21 different California counties, including appointments related to health & safety, rents, post-judgment, and partition matters. Griswold also acts as an expert witness in cases involving habitability standards. He will report directly to Judge Garza and will enforce the judge’s orders to protect the building from additional break-ins and damage.

In its ruling, the court found “the substandard conditions on the Subject Property are ongoing and will likely persist unless this Court appoints a receiver to take possession of the Subject Property and undertake responsibility for its rehabilitation.”

The court found that the property is a public nuisance and is being maintained in a manner that violates State and local laws. The violations at the property are so extensive and of such a nature that the health and safety of neighboring residents and the general public is substantially endangered.

The court stated that the property owners did not comply with City issued notices and orders to correct the substandard conditions, despite being afforded a reasonable opportunity to correct the conditions.

The court also ordered that Ji Li, Fox Property Holdings, and its representatives are prohibited from entering the building without the Receiver’s permission, making any changes to existing insurance policies, selling or encumbering the building, or collecting rents or other income from the building.

The property at 340 West 4th Street has been a challenging property for several years. Used as an unpermitted housing facility by Ji Li and Fox Property Holdings, tenants were subjected to unsafe and unlivable conditions including black mold, inoperative fire alarms and sprinklers, blocked fire escapes, and insect and rodent infestations.

San Bernardino had been working through the Civil Court process to take control of the building the past eighteen months. In that time, Ji Li and Fox Property Holdings of Irwindale, have ignored court orders, including a September 2022 Temporary Restraining Order requiring them to pay to relocate tenants and make all required repairs to the building.

Due to the unsafe conditions, on August 17, 2023, the City of San Bernardino red tagged the building, relocating the tenants that still remained. Despite boarding up the property, there have been repeated fires and break-ins.

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Hanley Investment Group Completes Sale of Chipotle Drive-Thru Anchored Pad in Palm Desert, Calif., for $3.86 Million

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Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a fully occupied, multi-tenant retail pad property in Palm Desert, California. The property is anchored by a new Chipotle Mexican Grill with a drive-thru “Chipotlane” near the Interstate 10 freeway Washington Street on/off ramp. This transaction closed at $3.86 million, marking the 17th Chipotle property sold by Hanley Investment Group in the last 24 months.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, a private investor based in Los Angeles. The buyer, a private 1031 exchange investor from San Diego, was represented by Omar Hussein of Beacon Realty Advisors in Del Mar, California.

“We generated multiple qualified offers and created a competitive bidding environment to achieve maximum market pricing,” said Asher. “We procured an all-cash 1031 exchange buyer and negotiated a 21-day due diligence period and a timely closing to help accommodate the buyer’s exchange requirement.”

Built in 2008, the 8,500-square-foot, four-tenant retail pad sits on 1.01 acres at 39575 Washington Street in the heart of Coachella Valley. Chipotle Mexican Grill occupies approximately 40% of the building with a new 10-year triple-net corporate lease (NYSE: CMG). Other tenants include Cornerstone Pharmacy, Luxury Nails & Spa, and Keller Williams Realty Coachella Valley | Jelmberg Team.

The property is strategically located at a signalized intersection on Washington Street, a major north/south corridor in the Coachella Valley (46,350 cars per day). It is ideally positioned one block from the Interstate 10 entrance/exit for Washington Boulevard (107,750 cars per day). Interstate 10 connects Los Angeles to San Bernardino County, Riverside County, and Phoenix, Arizona. The Chipotle-anchored property is also directly across from Sun City Palm Desert, a 1,600-acre gated community with over 5,000 homes and more than 9,000 residents.

Surrounding retailers include Stater Bros., EOS Fitness, Bank of America, DaVita Dialysis, Del Taco, McDonald’s, Starbucks, Taco Bell, and Walgreens. The property is less than 2.5 miles from the new Acrisure Arena, an 11,000-seat indoor arena that opened in December 2022 and is home to an NHL minor league ice hockey team.

Palm Desert is the geographic center of the Coachella Valley, a rapidly growing region in Southern California. The average household income within a three-mile radius is over $110,000. The population within a three-mile radius of the investment property has increased by 65% between 2000 and 2021. Within one mile, the number of households has increased by 44% during the same period.

The Coachella Valley attracts over three million visitors each year and hosts major events such as the Coachella Valley Music & Arts Festival (the world’s largest music festival, attracting over 250,000 visitors), the Stagecoach Festival (the second largest country music festival with over 85,000 visitors), and the Riverside County Fair & National Date Festival (attracting 315,000 visitors). The region is also home to four casinos and more than 130 golf courses.

Asher adds, “Chipotle is one of the more sought-after QSR drive-thru tenants in the marketplace right now, and it showed based on the high-interest level we received on the property. The sale of the Chipotle-anchored pad building in Palm Desert demonstrates there is still an active buyer pool for top-tier multi-tenant retail pad investments in today’s market.”

Hanley Investment Group has sold $1.8 billion in retail properties in the Inland Empire, including $470 million in volume in the last 48 months.

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