By Press Release
Avison Young announces $2.25 million acquisition of commercial building in downtown San Bernardino, CA
Avison Young announced today that it has completed the $2.25 million acquisition of a vacant, 18,275-square-foot (sf) commercial building located at 599 North E Street in the heart of the downtown civic center area of San Bernardino, CA. The property will be used as the headquarters and primary store for Thinkwise Credit Union (CU), a financial organization with membership open to educational employees and immediate family members, of San Bernardino, Orange and Riverside counties including colleges, universities, school districts, parochial, and charter schools.
Avison Young Principal Hayden Eaves along with Kristen Sullivan and Matt Spear who are all based out of the firm’s downtown Los Angeles office, represented the buyer, Thinkwise CU. The seller was a private investor from Orange County.
Built in 1986, the two-story, Tudor style building is situated on 1.56 acres and includes a large break room with full kitchen setup, an elevator, and new LED lighting, among other features. Thinkwise CU will be relocating 19 employees from its current 6,500-sf headquarters on Sierra Way in San Bernardino. Once upgrades to the new space are made, move-in is anticipated by year-end.
“Thinkwise CU is a very community-minded organization with a passion for our members’ financial well-being and the communities in which we serve,” said Thinkwise CU’s President and CEO, Heri “Eddie” Garcia. “This new location is ideal as it is in a great location near our core membership. It also gives us a significantly larger headquarters space as well as a branch office. Additionally, we are excited about building out a 3,800-sf community room to be used for our credit union events and local groups and organizations.”
As further testimony to its ideal location for its customers, the property is situated across the street from the San Bernardino County Schools Superintendent’s office and is just two blocks away from San Bernardino County Unified School District offices.
“In addition to its prime location, this asset was formerly used as a bank building and includes a vault and working safe deposit boxes along with other key improvements, making this a great fit,” said Eaves. “I am pleased that I have been a part of helping to make Thinkwise CU’s vision a reality over the years. This expansion solidifies its commitment to the people it serves and helps streamline its operations to maximize efficiencies.”
Adding to this latest expansion news, Thinkwise CU is opening a newly constructed, Class A, 3,000-sf branch in May 2020 at Renaissance Marketplace, located directly off the 10 freeway in Rialto. Thinkwise CU identified this market as underserved for credit unions and therefore an ideal place to offer a new branch. Avison Young’s Eaves also handled the acquisition of this site on behalf of Thinkwise CU.
About Thinkwise Credit Union
Originally established in 1952 to serve San Bernardino school employees, Thinkwise prides itself on its cooperative nature, devotion to the democratic process, and its desire to give back to members and community. The credit union’s membership is open to employees, and immediate family members, of San Bernardino, Orange or Riverside counties including colleges, universities, school districts, parochial, and charter schools. Thinkwise CU focuses on individualized services, providing a safe source of credit and accumulating savings, and doing so in a manner to preserve trust.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
San Francisco based Stockbridge acquires 100% leased assets in premier IE West location
Cushman & Wakefield’s EDSF also sources acquisition financing for transaction
Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.
San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.
Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.
Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.
“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”
The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.
According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.
Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.
A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.
Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.
“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”
Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”
Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.
By Press Release
BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA
Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire
Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.
“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”
1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.
According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.
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