Rancho Cucamonga, CA – December 9, 2022 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of two adjacent single tenant retail properties that were purchased by private investors in separate deals totaling $4,220,000. The buildings are located at 3940 and 3980 University Avenue in Downtown Riverside, California.
Progressive Real Estate Partners’ Senior VP Greg Bedell, CCIM, exclusively marketed the listings and represented the Los Angeles-based seller of both properties. The properties sold include:
- 3940 University Avenue which is home to a 2,250 square foot freestanding Plant Power fast casual drive-thru restaurant with patio. The building sold for $2,070,000 ($920 psf) in an all-cash transaction at a 4.84% cap rate. According to QSR Magazine Plant Power is the nation’s fastest growing plant-based fast-food chain. The restaurant is operated by an experienced multi-brand franchisee that also operates Nekter Juice Bar and Subway restaurants.
- 3980 University Avenue features two different SoCal fast-casual restaurant concepts—Richie’s Hot Chicken (6 locations) and Carlo’s Tijuana Tacos (3 locations) both of which are leased and run by the same operator. The 3,500 square foot building sold for $2,150,000 ($614 psf) in an all cash exchange transaction at a 5.03% cap rate.
Both properties were recently remodeled and are ideally situated along University Avenue which is one of Downtown Riverside’s primary thoroughfares with excellent visibility to over 35,000 cars per day. Adjacent to a high performing Maxi Foods grocery store, the properties enjoy a steady flow of “daily needs” customers as well as the daytime traffic generated by Downtown Riverside which has recently undergone a major renaissance. Numerous new projects have been developed including a brand new $40M Library, $28M Culinary Academy and several residential developments.
Greg Bedell stated, “The Downtown Riverside location sparked a lot of interest in both these properties and breaking up the two assets to sell separately created a larger buyer pool thereby maximizing the ultimate value for each property.”
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.