Rancho Cucamonga, CA – July 6, 2021 – Progressive Real Estate Partners announced today the sale of a brand new Starbucks Drive-thru anchored shop building at 2067 E. Highland Avenue, San Bernardino, California in a 1031 exchange transaction. The sales price of $4,650,000 represents a record-setting $919 psf and record 5.14% cap rate for a multi-tenant retail property in San Bernardino County. The 5,058 square-foot building is fully leased and is part of a Cardenas and Planet Fitness anchored neighborhood center which is ideally located at one of the trade area’s most prominent retail intersections
Progressive Real Estate Partners’ VP of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the sellers, Sage Investco and Pacific Riviera Properties. The buyer, a local San Bernardino County-based private investor, was represented by Choong “Bruce” Lee with NewStar Realty and Hope Kim, an independent broker.
In addition to brokering the sale of the property, the Progressive Real Estate Partners leasing team of Paul Galmarini and Roxy Klein were instrumental in creating significant value thru the lease-up of the last space to Lefty’s Cheesesteak adding over $1M in value to the property.
Built in 2020, the 3-tenant shop building features high quality modern architecture. In addition to Cardenas and Planet Fitness, the popular neighborhood center also features a variety of other shops and services including a brand new Wendy’s Drive-thru that opened in late 2020. Other retailers at the intersection include 99 Cent Only, CVS, Walgreens, Big 5, Dollar Tree, dd’s Discounts, Harbor Freight and Chase Bank. The center benefits from its excellent location less than ¼ mile from the I-210 freeway at the signalized intersection of Highland Avenue and Sterling Avenue with visibility to over 39,000 vehicles per day.
According to Bedell, “The brand new construction and Starbucks Drive-thru anchor made this asset particularly attractive. We generated multiple quality offers and ultimately the property traded within 97% of the asking price at a record cap rate. This sale further demonstrates investor demand for quality retail assets located at highly trafficked “daily needs” centers within the Inland Empire”.
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 a 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.