Rancho Cucamonga, CA – January 23, 2017 – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, announced today the sale of Shoppes @ Balsa 62, a 6,518 square-foot multi-tenant retail pad building located at 58132 Twentynine Palms Highway in Yucca Valley, California. The property sold for $2,550,000 ($391 psf) in a 1031 exchange transaction. The building is a pad to Yucca Valley’s dominant 212,000 square foot community shopping center anchored by Stater Bros., JC Penney, 99 Cents Only, Dollar Tree and Harbor Freight Tools.
Progressive Real Estate Partners retail investment sales experts Greg Bedell, CCIM and Victor Buendia exclusively marketed the property and represented both the seller, a private investor based out of Nevada, and the buyer, a private Northern California based investor.
Prior to listing the property, Progressive Real Estate Partners also represented the seller in the lease-up of the building to national and regional retailers Verizon Wireless, GameStop and Metro PCS. Formerly a Hollywood Video, the building was completely remodeled and reconfigured in 2010 to accommodate multiple retailers. The Shoppes @ 62 Balsa is situated on the hard, signalized corner of Twentynine Palms Highway and Balsa Avenue with visibility to nearly 30,000 vehicles
per day. In addition to excellent visibility, the retailers enjoy prominent monument signage and the center is well positioned to serve Yucca Valley, Joshua Tree and Twentynine Palms, which is home to the nation’s largest military base with 12,500 active duty personnel.
“The Shoppes @ Balsa 62’s excellent credit tenancy and prominent location made the listing very attractive to the buyer,” according to Greg Bedell, Vice President of Investment Sales. He added “Progressive also helped negotiate seller financing so the buyer could satisfy the debt replacement requirement of their 1031 exchange, which also provides the seller the ability to redeploy its capital in a potentially higher cap rate environment in the future. Furthermore, since the investor was from out of the area, Progressive’s local presence and expertise in SoCal’s Inland Empire market provided the buyer the knowledge and comfort needed to proceed.”
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.