Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage, announced today that the firm, along with Hanley Investment Group Real Estate Advisors, completed the sale of a new-construction, two-tenant retail building occupied by ALDI grocery store and WSS shoe store in Rialto, California. The sale price was $8,775,000.
Progressive Real Estate Partners Vice President Greg Bedell along with Hanley Investment Group’s Executive Vice President Bill Asher and Vice President Jeff Lefko, represented the seller, a private partnership from Los Angeles. The buyer, a private investor from Southern California’s San Fernando Valley, was represented by Doug Cole, a senior associate with Marcus & Millichap in Los Angeles.
Built in 2018, the 31,271-square-foot building is located on 2.46 acres at 630-660 W. Foothill Blvd., at the signalized intersection of Foothill Blvd. (Highway 66) and Cactus Ave. with average daily traffic counts of 33,000 cars per day. The new-construction building includes an 18,841-square foot ALDI store and a 12,430-square-foot WSS. The ALDI has a corporate-guaranteed long-term ground lease with fixed increases every five years and options to renew. WSS, which relocated from a smaller location in Rialto it had occupied for approximately 15 years, has a corporate-guaranteed long-term lease with fixed increases and options to renew.
A leader in the grocery retailing industry since 1976, ALDI operates more than 1,900 U.S. stores in 36 states. More than 40 million customers each month benefit from the simple, streamlined approach ALDI brings to retailing. ALDI sells frequently purchased grocery and household items, primarily under its exclusive brands, and these products are designed to meet or exceed national name brands on taste and quality. Among its ALDI-exclusive products, 1 in 5 is award-winning. For the eighth year in a row, ALDI was recognized as the value leader among U.S. grocery stores by a Market Force Information® survey of U.S. consumers.
WSS is a premier footwear and apparel retailer in the U.S. Based in Southern California, WSS’ large store format enables the company to showcase thousands of styles from top name brands which include: Nike, Jordan, Adidas, Vans, Converse, Puma, Reebok, Fila, and Timberland. In addition, WSS carries high-quality private brands augmenting the breadth of selection to deliver amazing value to its customers. WSS president Rick Mina and his team have led the fast-growing athletic specialty chain to 84 stores, with plans to have more than 100 by the end of next year, according to Footwear News. The company has expanded into Texas, Arizona and Nevada, and is on pace to hit $350 million in sales.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.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 1,000 lease and sales transactions 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.