245-259 E Redlands Blvd

Stabilized medical and office property. 2 buildings built in 1980, totaling 91,762 sq. ft. on 5.6 acres.
Only $138 / sq. ft.! that price per sq. ft. includes +/- 54,000 sq. ft. of the total 91,762 being built out and used as medical space. An $8 MM tenant improvement package was built for the tenant 15 years ago. The price per foot is roughly 1/3rd of replacement costs
Medical parking ratio for the medical space
9.35% cap rate
The major tenant has announced plans to relocate, to a build to suit property now under construction. The relocation will likely occur in 2-3 years, giving plenty of time to arrange plans for re-tenanting. One idea is to condo map the property and sell segments individually. Or lease to any number of local servicing medical companies
The property has maintained a high occupancy for its entire history. The 10 Freeway, Waterman off ramp being across the street is part of that success.
The property benefits from being on the south side of the 10 freeway, causing it to be functionally proximate and in the trade market with Loma Linda versus San Bernardino. (Loma Linda University Medical group is the major tenant)
Given the price per sq. ft. acquisition price, this property will be a fierce competitor for any and all medical users serving the surrounding area now and in the future.
The western section, described herein, is being offered independently from the eastern section (same ownership group) which is retail oriented and will likely undergo a complete re-development.
A minor lot line adjustment will be completed during the escrow period for cause a logical bifurcation of the 2 sides