As the commercial property business starts to pick up more momentum, another aspect of the industry needs to catch up: The talent pool of real estate executives based in Inland Southern California to shepherd new developments through.
RETS Associates, an executive search firm that specializes in commercial real estate, said that there has been a noticeable increase in job opportunities for top professionals in Riverside and San Bernardino county offices, and that is expected to increase in 2013, according to a statement.
RETS Associates’ clients initiated 15 executive searches on behalf of clients in the second half of 2012 and expect that to double next year. Investor interest, and a shortage in certain types of commercial space, especially industrial properties, is fueling this interest, because professionals expect more deals. Along with the Inland area, positions have been opening in San Francisco and in Portland, Ore.
SAN BERNARDINO RETAIL SITE SOLD
Two multi-tenant retail buildings in San Bernardino near the Inland Center Mall have been sold for a total of $3.8 million, according to a statement from Progressive Real Estate Partners, which represented the seller.
The properties are at 955 and 965 South E Street and include Chuck E. Cheese, Subway and LA Cash Advance locations. A Progressive Real Estate Partners spokesperson said retail real estate in San Bernardino showed steady improvement in the third quarter.
Public Enterprise Center was the seller of the property. The buyer was 2230 W. Lincoln LLC. Progressive Real Estate Partners also reported it facilitated the sale of a 5,000-square-foot retail property in Indio for just over $1.5 million. The property, on State Route 111, currently houses an AutoZone location and was bought by out-of-state interests.
I-15 LAND DEAL CLOSES
A 75-acre piece of land adjacent to Interstate 15 in Apple Valley has been sold for $2.9 million. The property is on Dale Evans Parkway and, with 2,000 feet of freeway frontage, is considered prime land for an automotive or RV dealership. The buyer and seller in this deal were not disclosed.
APARTMENT COMPLEX CARRIES $22 MILLION TAG
The Colony, a Class A apartment complex in Ontario, has been sold for $22 million, according to a statement from Jones Lang LaSalle.
The 160-unit complex, currently 93 percent occupied, is within Ontario’s downtown revitalization district and is only three years old. The buyer is trying to get in “at the beginning of the real estate cycle,” according to the statement.
The buyer was JH Real Estate Partners, and the seller was JH Snyder, a national real estate company.