Rancho Cucamonga, CA – July 20, 2022 – Progressive Real Estate Partners brokers’ Mike Lin VP of Investment Sales and Roxy Klein, VP of Retail Leasing & Sales represented a Los Angeles based investor in the sale of a 28,000 square-foot freestanding retail building located at 5483 Moreno Street, Montclair, California to a Los Angeles based private party that plans to open and operate an auto service business at the location. The freeway-adjacent property sold for $4,582,000 and closed with a 30-day escrow in an all cash 1031 exchange transaction.
The building has excellent freeway visibility on the heavily traveled I-10 freeway with an average traffic count of 252,000 cars per day and is ideally situated ¼ mile from the 1.2M square foot Montclair Place shopping center that is home to 150+ retailers. The property also enjoys outstanding demographics with approximately 447,000 residents within a 15-minute drive earning over $72,000 annually.
The building sold “as-is” and has an open floor plan and features a loading dock and plenty of parking. This sale presented a rare opportunity for an owner/user to acquire a prime piece of freeway visible real estate. To learn more about this transaction and other investment and leasing opportunities in SoCal’s Inland Empire contact Roxy Klein at 909.576.4259 | roxy@progressiverep.com OR Mike Lin at 949.209.9696 | mike@progressiverep.com.
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 market. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,200 lease and sales transactions valued at more than $1.8B in 35+ cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.