Rancho Cucamonga, CA – September 28, 2016 – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, announced today the sale of an approximately 8,000 SF fully leased mixed-use building located at 4774 Riverside Drive in Chino, CA. The property sold for $2,225,000 ($278 psf). The two-story retail and office building is part of Yorba/Riverside Plaza and is directly across from a busy Stater Bros neighborhood center.
Progressive Real Estate Partners investment sales expert and Senior Vice President Frank Vora, CCIM, exclusively marketed the property and represented the seller, a private investor based in Orange County, CA. Leo Gao of Reno Business Investment Group in Chino, CA represented the buyer, a private Chino Hills based investor.
Built in 1991, the attractive and well maintained property is occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants providing home healthcare and hospice services. Yorba/Riverside Plaza is also home to Doublz Burgers, a 76 gas station and a fully leased retail shop building. The well-established center is just minutes from the 60 freeway and located at the signalized intersection of Riverside Drive, a major east-west thoroughfare, and Yorba Avenue. The center also benefits from strong demographics with a population of over 400,000 people with an average household income of more than $77,000 within a 5-mile radius.
“Due to the building’s excellent location and 100% occupancy the listing attracted multiple qualified offers. The demand for well-priced multi-tenant properties continues to be strong in SoCal’s Inland Empire and we expect it to stay that way for the foreseeable future.” according to Frank Vora, Senior Vice President at Progressive Real Estate Partners. He added “the building was also offered ‘free and clear’ of any debt giving investors the opportunity to take advantage of record low interest rates and favorable loan terms.”
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 500 lease and sales transactions 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. The firm is led by Brad Umansky, founder and president.