570 W 4th Street, San Bernardino

[David Friedman]

Hi BP,

We just purchased a mixed-use building with 7 units of retail on the ground floor (13,000 sq. ft.), office above (13,000 sq. ft.) and a really cool basement (8,000 sq. ft.).

We bought the building vacant except for one tenant, a nail salon. The property owner let the building decline for many years, but the location is prime. Next to the California Theater and Regal Movie Theater.

In your experience, what is the best way to attract a restaurant tenant to a property like this? Have you had any success cold calling restaurants in the area who are looking to expand? What methods work for you?

I feel having a restaurant tenant will help to fill out the rest of the space pretty quickly if the food is good.

Here is a link to the property. Open to all feedback: https://www.loopnet.com/Listing/570-W-4th-St-San-Bernardino-...

Thank you for all of your insight! - David Friedman

[Evan Polaski]

Success for restaurants: lots of TI budget, low rents, and calling retail brokers.  

If you are going to cold call, make sure you know your void analysis.  Neighboring concept's sale volume, foot traffic, parking ratios, demand drivers, etc.  Since you are near a theater, I would try to find the volume of that theater.  Nothing like being able to sell the dream of dinner and a movie to your potential tenants, to help them see the need.