San Bernardino Net-Leased Market Sells For $8M

Hanley Investment Group has announced the sale of a single-tenant net-leased investment occupied by Cardenas Markets in San Bernardino, CA. Located in the Sterling Plaza, the 43,000-square-foot building sold for $8.23 million, a record-low cap rate for a single-tenant Cardenas Markets nationwide.

Cardenas is one of the largest Hispanic supermarket chains in the country, with 59 locations across California, Arizona and Nevada. The San Bernardino location has benefited from the strong SoCal demographics favorable for a Hispanic grocer. According to Hanley Investment Group’s Eric Wohl, “There are over 134,000 residents within a three-mile radius of the property with 62% Hispanic population.”

Wohl continued in a news release, “The market has excellent store sales and a long-term corporate lease with attractive rental increases that appealed to many investors. Additionally, Cardenas spent $4 million on improving the site, demonstrating a long-term commitment to the location.”