Rancho Cucamonga, CA – December 19, 2023 – Progressive Real Estate Partners brokers Chris Lindholm and Paul Galmarini announced the sale of a 1.73 acre parcel of vacant land for $3,000,000 in an all cash transaction. The land, which is zoned mixed-use, is located at the northwest corner of Foothill Boulevard and Etiwanda Avenue in Rancho Cucamonga, California. The property is less than a ½ mile from the heavily traveled I-15 freeway and sits at a four-way signalized intersection on the City’s prime east-west thoroughfare with visibility to over 40,000 cars per day.
Lindholm and Galmarini represented the seller a Los Angeles County based private investor in the transaction. The buyer, also a private Los Angeles County based investor, was represented by Nicholas Christen of Province West. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project combining the properties although neither a timeline or specific details have been released yet.
According to Lindholm “We determined that the best strategy to maximize the land’s use and value was to merge the two parcels to create a more cohesive mixed-use development and we worked closely with both parties to achieve that goal. The prime Foothill Boulevard location with excellent visibility and access lends itself to a variety of design concepts.”
Galmarini added, “This is one of the few remaining vacant land parcels within less than a mile of Victoria Gardens which is Rancho Cucamonga’s premier retail shopping center. The property also benefits from a population of over 100,000 people and an average household income of $110,000+ within a 3-mile radius.”
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 1,200 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.