Rancho Cucamonga, CA – November 16, 2022 – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $8.4M sale of Chino Village located at 4103 Riverside Drive in Chino, CA. The purchase included a neighborhood retail center (20,600 sf) and approximately 2.5 acres of undeveloped land with flexible zoning. The 100% leased Chino Village is located at the signalized corner of Riverside Drive and Pipeline Avenue with visibility to over 33,000 cars per day and sits just over a mile from the 60 and 71 freeways.
Progressive Real Estate Partners’ VP of Investment Sales Mike Lin exclusively marketed the property and represented the Orange County based seller. The buyer is a Los Angeles-based private investor.
Built in 1984, Chino Village has excellent visibility with over 380’ of frontage along with multiple points of access and is home to Jiffy Lube, Subway, Wienerschnitzel and a variety of daily needs services. The tenants have an average tenure of 15 years and many are paying below-market rents offering the new owner a value-add opportunity to increase rents over time. The adjacent 2.5 acres of undeveloped land can be developed for an array of uses including retail, office or residential.
In addition to the major freeway proximity, Chino Village also enjoys strong demos with over 141,000 people with an average household income of $95,000+ within 3-miles.
According to Mike Lin, “The excellent Chino location combined with the value-add aspect and the development opportunity to expand the center made this property very attractive to a large pool of buyers and we were able to generate multiple quality offers.” He added, “The buyer also liked the historical long-term tenancy of the center including the fact that Wienerschnitzel had just recently renewed their lease.”
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 1200 lease and sales transactions valued at more than $1.8B 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.