This post originally appeared on tBL member Progressive REP Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
Rancho Cucamonga, CA – November 15, 2018 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of four parcels of prime commercial land totaling 15 +/- acres in Hesperia, California for $4.3M. The City of Hesperia is the gateway to the High Desert region which is one of the fastest growing areas of Southern California’s Inland Empire market.
Progressive Real Estate Partners brokers Brad Umansky, President, Pablo Velasco, VP of Leasing and Sales and Chris Lindholm, Investment Sales and Land Specialist exclusively marketed the properties and represented the Inland Empire based private investor in the transactions:
• Ranchero Crossings – 15 Freeway and Ranchero Road, Hesperia, CA – Three pads totaling 4.6 acres at Ranchero Crossings were sold to private party investors for a combined total of $3M. The parcels are adjacent to the 15 Freeway and the new Ranchero Road off-ramp/overpass that opened in 2015. In addition to the outstanding freeway visibility, significant infrastructure improvements have been completed making the land even more desirable. Starbucks, 76/Circle K and Chevron are already open or under construction at the location. Progressive Real Estate Partners is also currently marketing an additional 39 acres at Ranchero Crossings which is well suited to accommodate fast food, multi-tenant retail, entertainment, hotel or medical users.
• Ranchero Road and Tamarisk in Hesperia, CA – Primaco, Inc. based in Huntington Beach, California purchased the 9.6 acre parcel for $1,275,000 in an all cash transaction. The location is one of the only remaining parcels zoned for commercial use with excellent frontage along Ranchero Road, which is in the process of being improved into a 5-lane road and becoming a major east-west transportation corridor.
Umansky explained, “The 2015 opening of the Ranchero Road off-ramp/overpass on the I-15 freeway combined with the expansion of Ranchero Road and the limited amount of commercial zoning along Ranchero all contributed to strong buyer interest in the land.”
Velasco added, “There are a number of new developments planned for Hesperia including Tapestry which is an approximately 16,000 unit master planned residential community with the first phase scheduled to break ground in early 2019. This project along with several others is also fueling demand for new retail and service options in the City.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 750 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president.