Progressive Real Estate Partners & Newmark Brokers $6.2M Sale of Single-Tenant Bank of America

Rancho Cucamonga, CA – February 15, 2022 – Progressive Real Estate Partners and Newmark announced the sale of a single-tenant NNN Bank of America located at 8700 Base Line Road in Rancho Cucamonga, California.  The property sold for $6,150,000 in an all cash 1031 exchange transaction.  The long-standing bank with drive-thru is in the Stater Bros. anchored Country Village shopping center at the signalized hard corner intersection of Baseline Road and Carnelian Avenue with visibility to over 48,000 cars per day.

Progressive Real Estate Partners’ President Brad Umansky and Newmark Managing Director Glenn Rudy co-listed the property and represented the seller, WM Capital. The buyer, a private Northern California investor, was represented by Bill Allen with Marcus & Millichap.

The 9,195 square foot Bank of America branch has been at Country Village since 1976.  According to the FDIC this branch has $279M in deposits which ranks it in the top 20% of the 85 Inland Empire Bank of America locations.   Adding to the appeal, the well-established shopping center is currently undergoing a facade and common area renovation.  In addition to Stater Bros., the center is also home to a variety of daily needs shops and services.

Located in one of the Inland Empire’s most established trade areas, the property has over 50,000 people within a 5 minute drive-time with an average household income exceeding $100,000. Furthermore, the property is adjacent to Alta Loma High School with 2,500+ students and across from the 40-acre Red Hill Park both of which are significant traffic generators and provide enhanced visibility of the center.

Bank of America Corporation is publicly traded with an A+ rating by Standard & Poor’s.  It is also the nation’s 2nd largest bank in terms of total assets and has over 4,300 branches throughout the US.

According to Umansky, “High quality single tenant NNN assets like this Bank of America continue to be a popular investment choice in SoCal’s Inland Empire. The exceptional corner location, 45-year operating history, and investment grade credit all attracted buyer interest for this 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.