SAN BERNARDINO, CALIF. — A joint venture between Hines and funds managed by Oaktree Capital Management L.P. have purchased Tri-City Corporate Centre, a 17-building, mixed-use office complex in San Bernardino, for an undisclosed sum.
The property is located near the intersection of the I-10 and I-215 freeways.
Tri-City Corporate Centre contains more than one million square feet of space on 153 acres. The master-planned business park offers a range of building styles, including mid-rise, low-rise, flex and eight Class A office towers.
This was the largest office sale by square footage in recorded history for the Inland Empire, according to CBRE, which represented the sellers.
Construction began on the center in 1986 and continued through 2008. It is currently 61 percent occupied. Notable tenants include Northrop Grumman, Art Institute of California, Wells Fargo, CalPERS, Health Net, Fidelity Title, Parsons Brinckerhoff, TASC and Chicago Title.
Tri-City contains notable buildings like One Vanderbilt, Vanderbilt Plaza, Brier Corporate Center, One, Two and Three Parkside, Lakeside Tower, North River Place, One and Two Carnegie Plaza, Northcourt Plaza, and Carnegie Business Center I and II.
The campus is entitled to add more than 300,000 square feet of development on four parcels of land. It also features 390,000 square feet of retail amenities that were not part of the sale. These amenities include various restaurants, retailers, banking options and a health club. The center is within walking distance of the Greater Tri-City retail trade area.
The center was developed by Rancon. The sellers, Rancon Realty Fund IV & Rancon Realty Fund V, were represented by CBRE’s Kevin Shannon, Brad Burton, Ken White, Michael Kendall, Michael Longo and Phil Woodford.