Rancho Cucamonga, CA – November 29, 2023 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced the sale of a single-tenant NNN Dollar Tree located at 9008 Foothill Blvd. in Rancho Cucamonga, California. The 16,560 square-foot building sold for $4,880,000 in an all cash transaction. The property is part of a Chuze Fitness anchored center and is conveniently located on the City’s primary thoroughfare with excellent frontage and visibility to over 47,600 vehicles per day.
Progressive Real Estate Partners’ President Brad Umansky, CCIM, Senior VP of Investment Sales, Greg Bedell, CCIM, and Investment Sales Advisor, Lance Mordachini, exclusively marketed the property and represented the seller, Red Mountain Group, a prominent Southern California based retail developer and operator. Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer, a private San Gabriel Valley-based investor.
Dollar Tree opened at the center in August 2023 with a brand new 10-year corporate backed lease. The store features the brand’s latest prototype and renovations made to the building prior to the sale included a new roof, fresh paint and parking lot resurfacing. Dollar Tree is well known for its single price point of $1.25 and offers a broad mix of merchandise ranging from seasonal items to snacks to cleaning supplies and more.
Dollar Tree, Inc. is a publicly traded, Fortune 200 company operating under both the Dollar Tree and Family Dollar brands with over 16,000 stores and record sales of $28.3 billion in 2022.
The center is ideally located in a densely populated trade area with over 175,300 residents within a 3-mile radius representing $5.8 billion of purchasing power. Surrounding retailers include Albertsons, CVS, In-N-Out Burger, Wendy’s, Panda Express, Flame Broiler, and more.
According to Mordachini, “The buyer was attracted to the excellent Rancho Cucamonga location, corporate backed Dollar Tree lease and the NNN lease structure offering minimal management responsibilities.”
Bedell added, “While higher interest rates have broadly put downward pressure on commercial real estate values, the demand for high-quality, well-located retail assets remains strong and especially in the Inland Empire where retail fundamentals remain favorable.”
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.
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