Colliers Brokers $26M Sale of San Bernardino Business Park
MIG has acquired Gifford Business Park, a 157,000-square-foot, seven-building industrial business park in San Bernardino, CA. Colliers’ Christopher Smith and Andrey Mindirgasov represented the buyer in the $26 million transaction, while the seller, Positive Investments, was represented by Kidder Mathews’ Alan Pekarcik.
“Situated in a highly sought-after market surrounded by institutional-grade distribution centers, Gifford Business Park offered a rare investment opportunity to capitalize on the increasing market fundamentals,” said Smith. “We are pleased with the successful result for MIG, who have acquired a stable cash-flowing, multi-tenant asset with additional upside via below market rents.”
Comprised of 78 units ranging from 900 to 19,000 square feet, the park offers unit flexibility and opportunity for expansion.
“We executed our business plan of addressing the deferred maintenance of the property, completing capital improvements, stabilizing the rent roll and exiting in under 18 months,” added Srinivas Yalamanchili, Principal at Positive Investments.