Rancho Cucamonga, CA – August 24, 2022 – Progressive Real Estate Partners, a leading Southern California retail real estate brokerage firm, announced today the sale of La Pico Plaza located at 9150 Painter Avenue in Whittier, California. Centrally located in Southern California, Whittier is approximately 12 miles east of Downtown Los Angeles in eastern Los Angeles County. The 20,939 square-foot Circle K anchored neighborhood center is 100% occupied and sold above ask for $5.8M at a 4.6% cap rate in an all-cash exchange transaction.
Progressive Real Estate Partners’ Senior VP of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Orange County-based investor. The buyer, Desert Capital Ventures, was represented by Drew Wetherholt with Marcus & Millichap. Desert Capital owns a portfolio of commercial properties across the US and actively seeks value-added opportunities such as La Pico Plaza.
Located at the signalized intersection of Painter Avenue and Mulberry Drive, La Pico Plaza has almost 375 feet of frontage and excellent visibility to approximately 83,880 vehicles per day. Anchored by a high performing Circle K, the center features a diverse mix of 14 service-oriented local tenants primarily on NNN leases at rents that are well below market providing the buyer significant upside potential by raising the rents to market levels over time.
Furthermore, La Pico Plaza is across from Whittier Union High School (+/- 11,500 students) and is the only commercial center at the intersection making it “the” neighborhood center for the nearby community. The center also benefits from strong demographics with over 186,000 people and an average household income of $95,000+ within 3-miles of the property.
According to Bedell, “In addition to procuring over 10 unique offers within a few short weeks and closing at a market-beating 4.60% cap rate, Progressive guided the ownership through a previously undiscovered environmental concern helping our client make a more informed decision and eventually resulting in a successful transaction at a price $100K over asking”.
He added, “La Pico Plaza met all the buyer’s exchange goals including the center’s excellent LA County location, strong demographics, 100% occupancy, internet resistant tenant-mix and value-add opportunity”.
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.