Progressive Real Estate Partners Brokers $3.5M Sale of 7-E.leven Anchored Retail Strip Center in Los Angeles, CA

Rancho Cucamonga, CA – May 6, 2024 – Progressive Real Estate Partners, a leading Southern California retail brokerage, arranged the $3.5M ($555 psf) all cash sale of a 7-Eleven anchored NNN retail strip center at 728 West Vernon Avenue in Los Angeles, California. The 6,300 square foot 3-tenant center is fully leased and is located at the signalized intersection of Vernon Avenue and Hoover Street less than a ½ mile from the heavily traveled 1-110 which is a major freeway route in and out of downtown Los Angeles with an average traffic count of 300,000+ cars per day.

Progressive Real Estate Partners’ President Brad Umansky, CCIM and Investment Sales Advisor Lance Mordachini represented both parties in the transaction.  The seller is a Los Angeles County based private investor that Progressive Real Estate Partners has represented in multiple transactions over the past decade.  The buyer is a private Los Angeles County based investor and business operator who also owns other retail properties in the trade area.

In addition to 7-Eleven (corporate lease), Boost Mobile and a well-established laundromat occupy the other two spaces.  Built in 2000, the center features 330+ feet of unobstructed frontage, excellent pylon signage and is easily accessible from both Vernon Avenue and Hoover Street.  The property is located in a densely populated area of south Los Angeles with over 66,000 people within a 1-mile radius of the center.

Lance Mordachini commented, “The 7-Eleven corporate lease and high-density Los Angeles trade area sparked a lot of interest resulting in multiple offers for the property. We were able to identify a highly qualified and motivated cash buyer with a proven track record in the trade area and went from listing to close in just 74 days.”

 Brad Umansky added, “Well located NNN retail strip centers like this one with their service-oriented tenant mix, minimal maintenance requirements and convenience features continue to be a popular investment choice for retail investors looking for less risk and a stable investment.”

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, San Gabriel Valley and Coachella Valley. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN).  Since the firm’s inception Progressive has completed over 1,650 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.