Tanenbaum Equity Partners Acquires San Bernardino Office Building For $11.76M

Tanenbaum Equity Partners has recently acquired a 45,202-square-foot office building located at 605 North Arrowhead Avenue in San Bernardino. The property, which is home to ODAR hearing offices and the Social Security Administration, was purchased for a total of $11.76 million. Situated near Interstate 215 and San Bernardino International Airport, this office building is part of the niche sector of government-leased and medical office properties, attracting investors despite challenges in the commercial office market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $11,760,000
• Address: 605 North Arrowhead Avenue
• Market: San Bernardino
• Size: 45,202 square feet
• Price per square foot: $260

The buyer in this transaction is Tanenbaum Equity Partners, represented by Richard Tanenbaum. On the other hand, HPI Real Estate Services and Investments acted as the seller. Despite the challenges faced by the commercial office market, this acquisition demonstrates the continued interest and investment in niche sectors such as government-leased and medical office properties. The strategic location of the property, near important transportation links and services, contributes to its attractiveness for investors.