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Harbor Associates JV Completes Break-Up of San Bernardino Office Portfolio
Harbor Associates, LLC in joint venture with Taconic Capital Advisors, LP has sold 451 E. Vanderbilt Way, a 115,520-square-foot Class A office building, the third and final transaction in a five-property, $69.85-million office portfolio disposition in San Bernardino. The joint venture acquired the 368,000-square-foot portfolio off-market in October 2019 for $41.7 million.
Harbor re-positioned and leased up the assets through a renovation program. During the hold period, the joint venture executed two separate leases with the County of San Bernardino, which represented two of the largest leases in the Inland Empire last year.
The partnership embarked on a portfolio break-up strategy beginning in November 2021 with the $8.9-million sale of 301 E. Vanderbilt Way, later selling 621, 625 and 685 E. Carnegie Drive in November 2022 in a single transaction for $34.175 million.
Anthony DeLorenzo and Sammy Cemo of CBRE’s Investment Properties, along with Philip Woodford, Kyle Yocum and Michael Longo, also with CBRE, advised the Harbor/Taconic JV in the portfolio sale.
Last month, Harbor acquired a five-story, 164,683-square-foot Class A creative office building on Los Angeles’ Westside for $44.713 million.
- ◦Sale/Acquisition
