ICO Real Estate Group, Inc. sold its Ree-Charge 'N Go retail center located at 3981 - 3993 N. Sierra St. in San Bernardino, CA for $2.05 million.
The 6,000-square-foot retail center, home to 7-Eleven and T-Mobile, offers a Ree-Charge 'N Go electric charging station that can fuel multiple electric vehicles at one time. The first electric station was installed at the center six months ago, with another added recently that can charge a car in just 10 minutes.
According to Jian Torkan, president of ICO Real Estate Group, Inc. which developed the property in 2009, "This is the first privately owned Level III DC Fast Charging station electric charging station that was designed like a gas station, and offering refueling for electric vehicles to the public usage in the United States."
"Due to this unique position, the Ree-Charge ‘N Go offering attracted multiple offers and resulted in an aggressive dollar per square foot and cap rate," said of Mehran Foroughi, senior vice president at Colliers International, who represented the seller and developer, ICO Real Estate Group, Inc. He added that the buyer, a private investor, was "looking for a solid investment, which he saw in the fully-leased retail center. The chargers were seen as an added benefit."
While maybe not the sole selling point in this transaction, the chargers do highlight a broader movement towards clean energy. Though few drivers have reportedly tried out the station's energy chargers, which industry advocacy group Plug-In America estimates could cost anywhere from $1 to $4 depending on the type of car, revenue of the hybrid and electric vehicle manufacturing industry is anticipated to increase 6.3% per year to $4.2 billion in 2016, according to IBISWorld, a publisher of industry research. The growth will no doubt be led by rising fuel costs and increased demand by consumers for hybrid and all-electric vehicles. Developers of commercial real estate
are increasingly building properties, both retail and office buildings, that cater to this growing demographic.