Kidder Mathews Negotiates $26M Sale of Gifford Business Park in San Bernardino, California

by Jeff Shaw

SAN BERNARDINO, CALIF. — Kidder Mathews has arranged the sale of the seven-building Gifford Business Park in San Bernardino for $26 million.

The multi-tenant industrial property is located at 750-760 East Central Ave. and 765-791 South Gifford Ave., 2.5 miles from San Bernardino International Airport. It was built in 1989.

The seller, Positive Investments, undertook capital expenditures, including roof replacement on five of the seven buildings, exterior paint on the entire property and parking lot re-slurry.

The business park is currently 93 percent leased with more than 50 tenants. In-place rents are nearly 20 percent below market rates.

Alan Pekarcik of Kidder Mathews represented the seller, while Christopher Smith of Colliers represented the buyer, MIG RE Investors I LLC, in the transaction.

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