Progressive Real Estate Partners Completes Sale of Retail Center in SoCal’s Inland Empire for $3.2M
*Located in Downtown Ontario the Property Generated Multiple Full Price All Cash Offers
Rancho Cucamonga, CA – February 6, 2017 – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, announced today the sale of a 64,000 square-foot retail center in Ontario, California for $3.2M in an all cash transaction. The property is located at 404-426 N. Euclid Avenue and spans nearly an entire city block in downtown Ontario. With a 62% vacancy rate, the center represented a rare value-added opportunity to reposition the project to reflect today’s retail landscape and create significant upside potential.
Progressive Real Estate Partners retail investment sales experts Frank Vora, CCIM, Mike Lin, MBA and Pablo Velasco exclusively marketed the property and represented the seller, a private investor based in New York. The buyer, the City of Ontario, was represented by Paul Galmarini of Progressive Real Estate Partners.
The center is anchored by Secoya Market, an independent neighborhood grocer, and also includes Papa John’s Pizza and a Wells Fargo ATM with 3 drive-thrus. Built in the 1960s, the building has numerous challenges due to the age of the structure and existing space configurations. Located one block from Ontario Town Square, which is the hub of Ontario’s downtown activity, the center is in walking distance of both Ontario City Hall and the Public Library. The property also features excellent visibility with over 300 feet of street frontage along Euclid Avenue and it’s located at a busy signalized intersection with visibility to over 28,000 cars per day. The location further benefits from a densely populated trade area with more than 190,000 residents within a 3-mile radius.
“Despite the building’s age and condition, the center’s high profile location and upside potential made it very desirable to a large pool of buyers and the listing generated multiple full price all cash offers,” according to Mike Lin, Retail Specialist at Progressive Real Estate Partners.
Frank Vora, Senior Vice President at Progressive Real Estate Partners added, “The prominent downtown location was extremely attractive to the City of Ontario as it relates to their master-plan for the area.” Vora added, “The acquisition gives them the opportunity to work with a developer to reposition the property to reflect their overall vision for the Downtown area that includes a mix of retail and residential uses.”
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