Rancho Cucamonga, CA – February 17, 2025 – Progressive Real Estate Partners announced the $6,789,000 all cash sale of a 44,290 square-foot multi-tenant commercial flex center at 165 E. Hospitality Lane in San Bernardino, California. The center is part of the Tri City Commercial Hub/Hospitality Lane District which is ideally situated at the intersection of the busy I-10 and I-215 freeways and is one of the Inland Empire’s most popular commercial hubs with over 4.4M square feet of office, industrial, retail and hospitality uses.
Progressive Real Estate Partners Senior VP Greg Bedell, CCIM and Senior Investment Sales Advisor Lance Mordachini represented the Los Angeles based seller and repeat client in the transaction. The buyer, a private Orange County investor, also owns other Inland Empire based commercial properties.
Built in 1980, the 93% occupied multi-tenant flex center consists of two buildings featuring highly adaptable and divisible/combinable suites ranging in size from 950 square feet to 1,930 square feet. The property is home to a diverse mix of 24 tenants including restaurant, healthcare, education, fitness, finance, office and retail users. Several improvements have been made to the center over the past 5 years including new roofing, multiple new HVAC units, fresh paint as well as the addition of LED lighting and drought tolerant landscaping.
The center features multiple points of access, over 330 feet of frontage along Hospitality Lane, plenty of parking and is conveniently located at the signalized intersection of Hospitality Lane and Hunts Lane. Within a 10-minute drive there is a population of over 121,000 people with an average household income of $91,360 and a daytime marketplace of 64,755 employees.
Neighboring businesses including the Loma Linda University of Dentistry, Hospitality Executive Center, Hospitality Plaza Medical Center, San Bernardino Hall of Records, Staybridge Suites, El Torito, Red Lobster, IHOP and many others.
According to Bedell, “Higher construction costs have slowed new multi-tenant commercial development, while demand for existing space—especially 1,000 to 3,000 SF suites—remains strong. With limited new supply, rental rates are rising. This acquisition allows the buyer to capitalize on these market conditions AND also add value by making property upgrades that enhance the center’s success.”
Mordachini added, “The excellent Tri-City location and prime positioning along Hospitality Lane, combined with the low vacancy, diverse tenant mix, and proximity to major freeways, made this property very attractive to the buyer. The listing generated 16 offers further underscoring the demand for this type of asset.”
Progressive Real Estate Partners has also previously closed several other sales in the Tri City Commercial Hub area including a former Office Depot retail building in Tri City Commons, a 1.7-acre land sale that became the 117-room Everhome Suites Hotel, and a 7-Eleven anchored multi-tenant retail center.
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire, San Gabriel Valley and Coachella Valley markets. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,650 lease and sales transactions valued at more than $1.8B in 35+ cities throughout the region. Progressive Real Estate Partners uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.