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Gramercy JV acquires San Bernardino, Calif., office building for $45M

Gramercy Property Trust and TPG Capital's joint venture purchased a class A office building in San Bernardino, Calif., from Founders Properties for $45 million, Commercial Property Executive reported.

The five-story Northpointe in San Bernardino at 1003 E. Brier Drive spans 280,173 square feet and has two separate 1,600-unit parking facilities.

The property was 92% occupied at the time of the sale, with Wells Fargo leasing 88% of the building, the report noted.