Updated Oct 29, 2024
SAC Health Acquires Office In San Bernardino For $35.25M With Buyer's Rep Lon Mapes
1003 E Brier Dr, San Bernardino, CA...
$35,250,000
Building Size
—
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
The former Wells Fargo regional headquarters building, located at 1003 E. Brier in San Bernardino, CA, has been purchased by SAC Health for $35,250,000. The property will be transformed into the SAC Health – Brier Campus, the 12th location in their network of campuses and clinics. Renovations are scheduled to commence soon to adapt the space for medical use, with plans underway to determine the range of services that will be provided at the new campus.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $35,250,000.00
- Buyer: SAC Health
- Buyer's Representative: Lon Mapes (LDM Commercial)
- Seller: Undisclosed
- Address: 1003 E Brier Dr, San Bernardino, CA
- Market: San Bernardino
Lon Mapes, the president of LDM Commercial, represented SAC Health in the transaction, facilitating the acquisition of the former Wells Fargo building. He noted that the property became available at an opportune moment when SAC Health was seeking to expand its presence. Sean Fulp, the vice chairman at Colliers, acted as the seller's representative in the deal, ensuring a successful transaction for both parties involved.
Players
San Bernardino Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93