California + Inland Empire + Industrial | March 2, 2023

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.

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Colliers' Christopher SmithMIGKidder Mathews Orange County

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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