Progressive Real Estate Partners, a leading Inland Empire, California retail brokerage firm, announced the $6 million, off-market acquisition of Allmark Plaza, 16,926-square-foot multi-tenant unanchored neighborhood retail center located at 10060-10080 Arrow Route in Rancho Cucamonga, California to an Orange County, California-based private investor.
Built in 1986, Allmark Plaza is ideally located with convenient access to the I-10 and I-210 Freeways. The center is 100 percent occupied by a diverse tenant mix including Domino’s, nutrition shop, Mini-Mart, Mexican restaurant, diet center, salon, donut shop, day spa, dry cleaners, and a dental office.
Progressive Real Estate Partners Vice President of Investment Sales Lance Mordachini and Vice President of Retail Leasing and Sales Monica Dal Bianco-West represented the buyer. The seller, Allmark Property Management, represented itself,
“The buyer was attracted to Allmark Plaza because it checked the boxes that matter most in today’s market: strong historical occupancy, replaceable rents, a diverse rent roll, and a quality Rancho Cucamonga location,” said Mordachini. “At a $6 million purchase price and a 6.91% cap rate, we viewed this as a compelling opportunity to acquire a well-located, fully occupied retail asset with durable long-term fundamentals.”
Dal Bianco-West added, “This acquisition reflects the continued appeal of Inland Empire retail for private investors seeking long-term, cash-flowing real estate. Even with interest rate volatility during escrow, the buyer stayed focused on the strength of the property, the stability of the income stream, and the opportunity to add a quality retail center to a portfolio that has historically been weighted toward medical office.”
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 2,000 lease and sales transactions valued at more than $2.0B in over 50 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.