Rancho Cucamonga, CA – April 5, 2022 – Progressive Real Estate Partners, the leading Inland Empire retail brokerage firm, announced today the signing of a new lease with Nordstrom Rack for a 30,000 square-foot anchor space (formerly Bed Bath & Beyond) at 2660 Canyon Springs Parkway in Riverside, California. The store will be located in the 183,000+ square-foot freeway adjacent Canyon Springs Marketplace and is expected to open in Fall 2022. Nordstrom Rack will join Marshalls, Old Navy, Petco, Big Lots, Best Buy, Michaels and several other shops, restaurants and services at the popular community center.
Progressive Real Estate Partners President Brad Umansky and Senior Retail Specialist Albert Lopez exclusively marketed the property and represented the landlord, TDA Investment Group, in the transaction. Jeff Nichols with CBRE Newport Beach represented Nordstrom Rack.
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers up to 70 percent off on-trend apparel, accessories, beauty, home and shoes from many of the top brands sold at Nordstrom stores. Nordstrom Rack delivers the fashion customers are used to experiencing at Nordstrom stores, while providing access to many of the same brands at a savings.
The Rack carries merchandise from Nordstrom stores and Nordstrom.com, as well as specially purchased items from many of the top brands sold at Nordstrom. The Rack is the number one largest source of new customers to Nordstrom and serves as a great introduction for new customers who may have never shopped at one of Nordstrom stores.
Built in 2006, Canyon Springs Marketplace is located along the busy 60 freeway corridor with superb visibility to over 130,000 cars per day. In addition, the center boasts impressive demographics with over 218,000 people in a 5-mile radius with an average household income in excess of $71,000.
“We are excited to welcome Nordstrom Rack to Canyon Springs Marketplace! Joining the quality retailers at the Center including Marshalls, Old Navy, Petco and Big Lots, Nordstrom Rack will complement and enhance the shopping experience at the center and the greater Riverside Community,” said Amy Goldfarb, Vice President of Asset Management at TDA Investment Group.
According to Brad Umansky, “The excellent co-tenancy, strong demographics and outstanding freeway visibility made this the perfect location for Nordstrom Rack. In addition to providing the local community with a great new place to shop, it’s also terrific news for the shopping center gaining a new anchor tenant that will draw more traffic to the property.” He added, “I’m looking forward to shopping at the new store this upcoming holiday season.”
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 market. The office 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 35+ cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.