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.
The post Colliers Brokers $26M Sale of San Bernardino Business Park appeared first on Connect CRE.
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 …
The post Colliers Brokers $26M Sale of San Bernardino Business Park appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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