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 – March 18, 2019 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of the Shops at Ramona Expressway, a 9,808 square-foot multi-tenant retail center. Located at 780 Ramona Expressway in Perris, CA, the property sold for $3.5M ($352 psf) in a 1031 exchange transaction. The 100% occupied center is located in one of the fastest growing areas of SoCal’s Inland Empire.
Progressive Real Estate Partners Vice President of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Riverside-based investor. The buyer, a private Monterey Park-based investor was represented by Shane Delaney with REeBroker Group.
Built in 2007, the Shops at Ramona Expressway features high quality modern architecture and is home to a strong mix of internet-resistant food and service retailers. The center benefits from its excellent location less than ½ mile from the I-215 freeway on the heavily trafficked Ramona Expressway with average daily traffic counts of 40,202. Additionally, there are over 40M square feet of existing industrial with another 13M square feet planned or under construction within 3-miles of the center creating a thriving daytime marketplace of 8,000+ employees seeking food and service-related retail. The property is also adjacent to May Ranch which is the largest master planned community in Perris with 745 acres and 4,500 households.
As part of the transaction Bedell assisted in successfully overcoming several challenges including negotiating a lease renewal with Subway (previously month to month), structuring a creative leaseback to deal with an impending lease expiration and addressing conflicting sets of CC&R’s recorded against the property.
“The Shops at Ramona Expressway presented the rare opportunity to acquire a newer construction, 100% occupied NNN retail asset in one of the fastest growing areas of Southern California,” according to Bedell. He added, “We were able to produce 11 unique offers within a few short weeks of going to market. This allowed us to create a competitive bidding environment where we were able to successfully qualify offers and identify the buyer with the best terms and highest certainty of close. The asset ultimately traded within 98% of the asking price demonstrating the strong investment fundamentals and excellent property location.”
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 1,000 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.