Harbor Associates, LLC and Taconic Capital Advisors, LP have successfully sold a Class A office building located at 451 E. Vanderbilt Way in San Bernardino as part of a larger portfolio disposition totaling $69.85 million. The joint venture acquired the 368,000-square-foot portfolio off-market for $41.7 million in October 2019.
Through a comprehensive renovation program, Harbor repositioned and leased up the assets to achieve maximum value during their hold period. Notably, two of the largest leases in the Inland Empire last year were executed with County of San Bernardino by this partnership.
In November 2021, Harbor began implementing its strategy to break up the portfolio with the sale of another property at 301 E.Vanderbilt Way for $8.9 million followed by three more properties (621 E.Carnegie Drive ,625 E.Carnegie Drive ,and685E.Carnegie Drive) selling together for$34 .175millioninNovember2022 .
The successful sale was facilitated by CBRE’s Investment Properties team led by Anthony DeLorenzo and Sammy Cemo along with Philip Woodford,Kyle Yocum,and Michael Longo who advised on behalf of Harbor/Taconic JV.
Recently,Harbor also acquired an impressive five-story creative office building on Los Angeles’ Westside spanning164683 square feetfor$44 .713million .
This latest transaction marks yet another milestone achievement as Harbor continues to expand its presence across Southern California’s dynamic real estate market.The post highlights how through strategic partnerships,the company has been able to execute successful dispositions while simultaneously acquiring new assets that align with their investment goals.This is further evidence that Harbor is well-positioned as a leader within this competitive industry.
