Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2192 West Highland Avenue in San Bernardino. The subject property consists of approximately 46,775 square feet of flex space and is situated on 3.24 acres of land. A covered intake structure accounts for 29,300 square feet, while the remaining 17,475 square feet is concentrated in office and warehouse space in a separate building. The single-tenant asset features tilt-wall metal construction, one dock-high door, three grade-level doors, and a clear height between 20’ and 24’. Fully enclosed by a masonry wall, the property contains 78 parking spaces and can easily accommodate additional outdoor storage. Sitting adjacent to State Route 210, the property has close proximity to additional major thoroughfares such as Interstates 215 and 15 and access to the San Bernardino commuter rail line. Located just 18.5 miles from the Ontario International Airport, the property is primely positioned in the San Bernardino submarket.
Over the last decade, San Bernardino has been one of the premier high-growth industrial submarkets in the nation. Over 68 percent of the submarket’s massive 102 million square feet of inventory was delivered since 2013. However, new construction began to slow down in early 2021 as available land became limited. At the start of the fourth quarter of 2023, 2.5 million square feet of industrial space was under construction, representing just 2.5 percent of San Bernardino’s inventory. The slowdown in construction activity will help to keep a lid on the vacancy rate, which rose to 4.4 percent in early Q4 but remains 90 basis points lower than the 10-year average. Like most market areas, annual rent growth steadily slowed in 2023 but sat well above the Consumer Price Index at 7.0 percent during Q4. Market rents averaged about $12.10 per square foot during this time, offering tenants a 13 percent discount compared to the overall Inland Empire market (CoStar).
The Inland Empire, spanning 28,000 square miles in Southern California’s Riverside-San Bernardino metro, is home to 4.6 million people. Riverside is the largest city, with over 330,000 residents, closely followed by Fontana and San Bernardino, each with approximately 222,000 inhabitants. It’s a thriving logistics hub with major companies like Amazon and Deckers operating large distribution centers. The region’s affordability, boasting a 63 percent homeownership rate and a median home price of around $560,000, attracts people from neighboring counties. It’s projected to add nearly 160,000 residents and 53,000 households by 2027, increasing the demand for new homes and rentals. Additionally, the Inland Empire offers cultural amenities and educational institutions and remains a popular choice for many Southern California residents.
BROKER OF RECORD
Jim Markel
Encino Broker of Record
16830 Ventura Boulevard, Suite 100
Encino, CA 91436
Tel: (818) 212-2700
Jim.Markel@MarcusMillichap.com
License #: 01253407
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0120628)
