324-336 WEST BASE LINE STREET, SAN BERNARDINO, CA 92410
Base Line Shopping Center
Price:
Land Price / SF:
Year Built:
APN:
$5,450,000
$111
1966 / 2016
0145-244-28-0000
0145-244-23-0000
0145-244-22-0000
0145-244-21-0000
Building Area:
Land Area:
Zoning:
Status:
49,045 SF
246,465 SF
CG-1
Active
Base Line Shopping Center is an ±49,045 sq. ft. neighborhood center on ±5.7 acres providing a near-term redevelopment opportunity with in-place cash flow. | The absence of CC&Rs and the existing multi-parcel site provides new ownership with the opportunity for future break-up sale strategy.
Significant Redevelopment/Value-Add Opportunity With In-Place Cash Flow:
-
Base Line Shopping Center is an ±49,045 sq. ft. neighborhood center on ±5.7 acres providing a near term redevelopment opportunity with in-place cash flow.
-
Absence of CC&Rs and existing multi-parcel site provides new ownership with the opportunity for future break-up sale strategy.
-
Significant capital improvements made to the roof, edifice and interior infrastructure of main anchor space.
-
Prominent 40 ft. tall pylon sign on Base Line Street bolsters tenant visibility and branding opportunities.
-
Attractive cost basis at $111 per sq. ft. (significantly below replacement cost).
-
Existing leases provide new ownership with flexible landlord termination rights.
-
Active liquor licenses held by both existing tenants.
Significant Upside Through Lease-Up of Developable Pads:
-
±68,000 sq. ft. outparcel provides new ownership with the flexibility to accommodate either a single or dual drive-thru configuration.
-
Developable outparcel was formerly a sit-down restaurant with existing utilities to the site.
-
Developable outparcel has three (3) existing curb-cuts that exclusively cater to the pad(s).
Infill Neighborhood Site Within Densely Populated Community:
-
Site located in an Opportunity Zone and a Transit Overlay District Zone.
-
First neighborhood shopping center upon exiting the 215-FWY and heading East along Base Line Street.
-
Desirable site accessibility resulting from four (4) curb cuts on Base Line Street, two (2) curb cuts on Arrowhead Avenue, one (1) curb cut on D Street and exclusive loading area from 13th Street.
-
Close proximity to 322 affordable housing units recently developed by institutional developer (National CORE).
-
CG-1 zoning permits the construction of 266 or more units for senior citizen and senior congregate care housing.
ORBELL OVANESS
Senior Vice President
Managing Partner
Office: Los Angeles
Direct: (213) 943-1822 orbell.ovaness@marcusmillichap.com
License: CA 01402142
ARA H. ROSTAMIAN, MRED
Vice President
Managing Partner
Office: Los Angeles
Direct: (213) 943-1781
ara.rostamian@marcusmillichap.com
License: CA 01814678
TONY SOLOMON
Broker of Record
23975 Park Sorrento Suite 400,
Calabasas, CA 91302
License: CA 01238010