**Commercial Flex Center in San Bernardino Sold for $6.79M in All-Cash Deal**
Progressive Real Estate Partners has successfully closed the **$6,789,000 all-cash sale** of a **44,290-square-foot multi-tenant commercial flex center** located at **165 E. Hospitality Ln. in San Bernardino**. The property is part of the **Tri City Commercial Hub/Hospitality Lane District**, a key commercial area in the Inland Empire.
**SVP Greg Bedell** and **senior investment sales advisor Lance Mordachini** represented the Los Angeles-based seller, a repeat client of the firm. The buyer, a private investor from Orange County, also owns other commercial properties in the Inland Empire.
Built in **1980**, the **93% occupied** multi-tenant flex center consists of **two buildings** with highly adaptable suites that can be divided or combined to meet tenant needs. The property is home to a **diverse mix of 24 tenants**, including businesses in **restaurant, healthcare, education, fitness, finance, office, and retail sectors**.
Bedell highlighted the current market conditions, stating:
*”Higher construction costs have slowed new multi-tenant commercial development, while demand for existing space—especially 1,000- to 3,000-square-foot suites—remains strong. With limited new supply, rental rates are rising. This acquisition allows the buyer to capitalize on these market conditions and also add value through making property upgrades that enhance the center’s success.”*
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
