Wood Investments Companies, Inc., a California commercial real estate investment and management company specializing in retail, announced today the acquisition of a two-tenant retail investment occupied by Food 4 Less and Ross Dress For Less totaling nearly 94,000 square feet on 7.45 acres in San Bernardino, California.
“This is a great value-opportunity for us in the Inland Empire,” said Managing General Partner Patrick Wood of Wood Investments Companies. “We plan to tear down the vacant Union Bank building and build supporting complementary retail and shop buildings. We look forward to offering a variety of retail, quick-serve food options and services for the surrounding community.”
More than 221,000 live in the city of San Bernardino (2018) and the county of San Bernardino has over 2,174,000 people.
The center is located at 505 and 555 West 2nd Street, in the heart of San Bernardino’s downtown. Built in 1973, the property enjoys excellent visibility being fronted by four streets and four signalized corners, and is easily accessible by Interstate 215 from the west and Interstate 10 from the south. The Carousel Mall, which is across the street, is undergoing major redevelopment. Other tenants in the area include Marshalls, dd’s Discounts, Starbucks and Big Five Sporting Goods.
The Food 4 Less/Dress For Less retail center also benefits from the proximity to San Bernardino’s City Hall, Superior Court, County Courts, Transit Center and San Manuel Stadium.
Wood adds, “The property is ideally located to cater to the core demographics and the customer base of the center’s existing tenants, ensuring long-term desirability.”
The seller was Canyon Developer, LLC and 505 West Second, LLC.