Greg Bedell of Progressive Real Estate Partners Arranges $5.6M Sale of Courtyard Professional Center in SoCal's Inland Empire

Rancho Cucamonga, CA – January 24, 2022  – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of  the Courtyard Medical & Professional Center located at 910-960 N. State Street in Hemet, California.  The 39,796 square-foot property is 100% occupied and sold for $5,560,000 in an all-cash 1031 exchange transaction.

VP of Investment Sales Greg Bedell, CCIM at Progressive Real Estate Partners exclusively marketed the property and represented the seller, a private Newport Beach-based investor.  The buyer, a private party based overseas, was represented by Henry Liu of CBD Investments, Inc.

Located adjacent to the Riverside County Courthouse, the well-established medical/office center features a diverse mix of 14 service-oriented tenants several of which cater to the courthouse including a law office, paralegal and DNA collections office. Furthermore, the Courtyard is the only commercial center at the intersection making this property the sole option for users seeking the positioning and constant flow of activity associated with being next to the Courthouse.

Built in 1981, the well maintained center has 5 points of access, plenty of convenient parking and excellent visibility and street frontage at the signalized intersection of State Street and Fruitvale Avenue with traffic counts of over 20,400 cars per day.

According to Bedell, “We generated 13 qualified offers on the listing further solidifying the continued rebound in demand we are experiencing for multi-tenant commercial assets in SoCal’s Inland Empire. The sale also demonstrates how investors are becoming increasingly willing to stretch out into more secondary and tertiary markets to source quality assets at desirable yields”.

He added, “The Courtyard Medical & Professional Center met all the buyer’s 1031 exchange goals including the center’s strong location, 100% occupancy, internet resistant tenant-mix and diverse rent roll”.

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. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN).   Since the firm’s inception Progressive has completed over 1,200 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.