Rancho Cucamonga, CA – July 30, 2024 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the $3,650,000 sale ($503 psf) of a 100% leased 7,250 square-foot retail strip center located at 3948-3964 University Avenue in Downtown Riverside, California.
Downtown Riverside has undergone a major renaissance over the last few years including the addition of several new hotels, multiple residential projects, a remodeled convention center, a new library and the opening of the Cheech Marin Art Museum.
Progressive Real Estate Partners’ Senior VP of Investment Sales Greg Bedell, CCIM, exclusively marketed the listing and represented the Los Angeles-based seller. Bedell previously represented the same party in the sale of two freestanding retail buildings directly in front of the strip center. This latest sale marks the conclusion of a “breakup strategy” that Bedell facilitated whereby selling all three parcels separately and significantly increasing the overall value. Girges Gad with Pacific Realty & Finance represented the buyer, an Orange County private investor, who also owns other SoCal retail properties.
The strip center was recently remodeled and is home to six diverse service and food businesses ranging from 750 square-feet to 1,750 square-feet. Ideally situated along one of Downtown Riverside’s primary thoroughfares, the property is adjacent to a high performing Maxi Foods grocer and benefits from a steady flow of “daily needs” customers as well as the daytime traffic generated by Downtown Riverside. Within a 5-minute drive there is a population of over 30,400 people with an average household income of nearly $90,000 and a daytime marketplace of more than 20,000 employees.
Bedell stated, “The Downtown Riverside location generated significant interest in this asset. As the vacancy rate for Inland Empire retail shop space continues to reach record lows, investors are increasingly attracted to well-located retail strip centers, particularly in areas like Downtown Riverside where available shop space remains highly limited.”
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.