San Bernardino is experiencing a resurgence. Facilitated by support from the local government, the market growth is driven by an expanding population and job market. The trend has proven to be a winning combination for retail, and investors are showing up to take advantage of opportunities. An example of the trend, Wood Investment Cos. has acquired a grocery-anchored two-tenant retail property in the San Bernardino submarket. The property totals nearly 94,000 square feet on 7.45 acres.
"San Bernardino is seeing a revitalization that Wood Investments Cos. wanted to be a part of," Patrick Wood, managing general partner of Wood Investment Cos., tells GlobeSt.com. "The key tenants of Food 4 Less and Ross further emphasized how much potential this property has in the near and long term. We are eager to get to work with the city and the new tenants to bring further revitalization to downtown San Bernardino."
San Bernardino County has a population of 2.2 million, and the eponymous city has 221,000 residents. Downtown San Bernardino, where the Wood acquisition is located, also has strong traffic. "On any given day, there are 15,000 to 20,000 governmental employees and patrons in Downtown San Bernardino and nearly 367,000 people reside within five miles of the property," says Wood.
The property is occupied by a Food 4 Less and a Ross Dress For Less. "The site is also located a short distance north of the Downtown Regional Transit Center, a multi-model transportation facility," adds Wood about why the property was a good fit. "The Regional Transit Center services the Metrolink commuter heavy rail line, the Omnitrans sbX Rapid Transit bus line, the future light rail line from the University of Redlands, and local and regional bus services."
Wood also plans to develop additional pads on the site to add value to the well-located asset. "In addition to the new retail at the southwest corner and signalized intersection of E Street and 2nd Street, we plan to develop two pad buildings that are approximately 3,250 square feet and 4,200 square feet, which can include drive-thrus. The site is located across the street from the proposed redevelopment of the 45-acre Carousel Mall, which the city council approved in December 2019," says Wood. "The plan calls to replace the Carousel Mall with a new mixed-use development that includes shops, restaurants, businesses and quality housing."
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Kelsi Maree Borland
