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1003 E Brier Dr, San Bernar...

Updated Oct 29, 2024

SAC Health Acquires Office In San Bernardino For $35.25M With Buyer's Rep Lon Mapes
SOLDOffice

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

Lon Mapes

LDM Commercial

Broker

$114.7M

vol

4 deals

Broker
SH
SAC HealthBuyer

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

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