On April 1, 2024, the minimum wage for fast food workers who work at a “National Fast Food Chain” will increase to $20/hour in California. This is a full 25% higher than the current $16/hour for all other workers. This minimum wage is the major provision of Assembly Bill 1228 that was signed by the … Continued
There have been a lot of articles and blogs detailing all the events of 2023. Although it’s always good to reflect back and learn from experience, at Progressive Real Estate Partners we’re more focused on understanding the current environment and looking forward. SoCal’s Inland Empire region continues to enjoy population growth, new housing developments, job … Continued
As the year 2023 winds down, many in the real estate industry try to find some time over the next few weeks for education, introspection, and self-improvement. Along those lines, I’m always on the lookout for good reads and the following are five books that I have personally read in 2023 that I would recommend: … Continued
I’m pleased to share that I recently earned the CCIM Designation following over 200 hours of course work and successfully passing the 6-hour exam in Seattle last month. The acronym CCIM stands for Certified Commercial Investment Member. This designation has been earned by over 25,000 people since 1967 and about 13,500 individuals currently hold the … Continued
Last week, twelve members of the Progressive Real Estate Partners team traveled to San Diego to attend the 2023 ICSC Western Conference. Since our firm is primarily active in Southern California this is always one of our favorite conferences because of the California and overall West Coast focus. Our team interacted with hundreds of our … Continued
After reviewing the 3rd quarter 2023 stats for SoCal’s Inland Empire retail real estate market, it’s clear we’re still enjoying a favorable market BUT I realize how one interprets the information largely depends on their perspective. Included in this graph is the most recent data compared to the 10-year “average” and 10-year “best” stats. Clearly … Continued
About 15 years ago, I was involved in a transaction for over $10M that didn’t close because the buyer’s money was stolen by their Qualified Intermediary (“QI”) also known in the industry as a 1031 Accommodator. The buyer had inherited agricultural land that they had sold for over $20M. They entrusted these funds to a … Continued
Nation’s Restaurant News publishes a list of the Top 500 Restaurant Chains ranked by sales volume. They also include total sales growth, per unit sales growth, per unit growth, and the number of units in each chain. After reviewing the information closely, here are some of my observations, especially as it relates to Southern California. … Continued
Ask any property owner, tenant, developer, or broker what they think of the American Disabilities Act (“ADA”), and you will likely get an earful of negative feedback. I share much of that sentiment as I believe that the implementation of the ADA has fallen short of its intended goals. I recently returned from visiting my … Continued
Today’s retail real estate market in SoCal’s Inland Empire fascinates me. In my 30+ year career and as President of Progressive Real Estate Partners, I believe this may be the fundamentally strongest market that I have seen. And yet when you speak to all the different players, the narrative might make you think otherwise. The … Continued
It was great to be back in person at this year’s ICSC Las Vegas conference and to learn about the latest trends shaping the retail real estate industry. Nine brokers from the Progressive Real Estate Partners team attended and we had an incredibly productive show with lots of meetings, learning and networking. In an industry … Continued
Like many of you I’m excited to watch the Kentucky Derby this weekend. The infamous race is known for its pageantry and unpredictability, with different horses and jockeys vying for the win. Similarly, SoCal’s Inland Empire retail real estate market is also full of twists and turns, with a multitude of factors affecting its success … Continued