Rancho Cucamonga, CA – December 2, 2025 – Progressive Real Estate Partners, a leading Inland Empire retail brokerage firm, announced the $4.6M sale of an 8,960 square-foot multi-tenant shop building in a 1031 exchange transaction.
Located at 19530 Van Buren Boulevard in Riverside, California, the shop building is part of Orangecrest Plaza, the only grocery-anchored center serving Riverside’s affluent Orangecrest community. Recognized as one of the city’s most desirable places to live, Orangecrest encompasses more than 2,400-acres of residential, commercial, educational and recreational uses. Within a 3-mile radius of the center the average household income is more than $173,000.
Progressive Real Estate Partners Senior VP of Investment Sales Greg Bedell, CCIM and Investment Sales Advisor Trinnie Lee represented the seller, a private Orange County based investor and repeat client. The buyer, a Central California based private investor who also owns other retail and residential assets, was represented by Vicky Casey and Josh Labogin from Casey & Associates.
Built in 1996, the shop building is shadow anchored by a top performing Albertsons (ranked #15 out of 394 stores nationally per Placer.ai), Petco and several other nationally and regionally recognized tenants. The building is 90% occupied and home to seven food and service-oriented tenants all of which have been operating at the center for 20+ years demonstrating the long-term success and viability of this location. Tenants include Subway, H & R Block, a barber, pool supply and others.
Located on the area’s major east-west retail corridor, Orangecrest Plaza is ideally situated at the signalized intersection of Van Buren Boulevard and Trautwein Road with visibility to an average of over 67,900 cars per day and features exceptional street frontage as well as multiple entry and exit points.
According to Lee, “The buyer was drawn to the property’s unbeatable location next to a top performing Albertsons and within one of Riverside’s most affluent neighborhoods. The shop building’s historical occupancy provided a strong sense of stability and reinforced the quality of the income stream for investors seeking durable, grocery-anchored retail in a high-demand market.”
Bedell noted, “This transaction achieved a record low cap rate for a grocery-anchored shop building in the Inland Empire over the past 36 months, underscoring continued demand for high-quality assets in affluent communities.” He added, “This deal was also personal—I grew up near the center and shopped there often. That local connection provided a deep understanding of the property, its long history, and the strength of the Orangecrest trade area. This added perspective helped us achieve a best-in-class outcome for our seller—truly a full-circle moment for me.”
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, San Gabriel Valley and Coachella Valley. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,650 lease and sales transactions valued at more than $1.8B in over 35 cities throughout the region. Progressive Real Estate Partners uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.