JLL Capital Markets has successfully closed the sale of Tri-City Center, a 151,709-square-foot shopping center located in San Bernardino. The property was sold for $24.325 million and was represented by JLL on behalf of the seller, Unilev Capital. DPI Retail acquired the asset.
The fully occupied center, built in 1987, is anchored by popular retailers such as 24-Hour Fitness and Curacao. Other notable tenants include Pollo Campero, Poke Bar, Barber Cantos Jewelers and Pet World. Over 70% of the GLA is occupied by long-term tenants who have been operating at Tri-City Center since 2005 or earlier. Additionally,the property is situated next to Tri-City Corporate Center which boasts one of the largest office complexes in its trade area.
Leading JLL’s Retail Capital Markets team were managing director Bryan Ley and senior director Tim Kuruzar who represented Unilev Capital during this transaction.
According to Ley,”The sale of Tri-City Center not only highlights strong demand from private investors for well-positioned retail real estate but also showcases how gym-anchored properties with regional tenancy can serve as major traffic generators.”
