Progressive Real Estate Partners Closes $8.8M Sale of Los Compadres Plaza in SoCal’s Inland Empire

Rancho Cucamonga, CA – September 15 2021 – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $8.8M sale of Los Compadres Plaza located at 1035 S. Mt. Vernon Avenue in Colton, CA.  The well-established commercial center is less than a ¼ mile from the I-215 Freeway and directly across from a Wal Mart and Ross anchored shopping center.

Progressive Real Estate Partners’ President Brad Umansky, VP of Investment Sales Greg Bedell, CCIM and VP of Investment Sales Mike Lin exclusively marketed the property and represented the Los Angeles County based seller, who was also one of the original developers, in the transaction.  The buyer is a Southern California-based 1031 exchange private investor.

Built in two phases in 1977 and 1980, the 47,090 square foot commercial center consists of four buildings and is ideally located at a signalized intersection with approximately 800’ of frontage and excellent visibility on Mt. Vernon Avenue.  The unanchored property is 93% occupied with 82% of the center’s tenants being independent internet resistant businesses including restaurants, medical users, beauty and other services. Recent updates to the property include painting, roof replacements and parking lots improvements.

In addition to the major freeway proximity, Los Compadres also enjoys strong demos with over 640,000 people and 21,000 businesses employing over 265,000 people within 15 minutes of the center.

According to Brad Umansky, “The sale of this property demonstrates the desire of certain buyers to own multi-tenant properties at a lower price per square foot with long established independent operators. Our team has seen more and more interest in these types of properties based upon the fact that so many “mom & pop” tenants proved to be amazingly resilient during the pandemic.”

Umansky added, “In addition to Los Compadres’ excellent location and property attributes, the buyer who has primarily owned multifamily properties, also liked the presence of many smaller commercial units which provides a more diverse rental income stream similar to multifamily.”

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 1200 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.