Progressive Real Estate Partners Sells Multi-Tenant Retail Center in Big Bear Lake, CA for $3.9M

Rancho Cucamonga, CA – February 4, 2022 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of the Village Mall at Big Bear, a 24,806 square-foot multi-tenant retail center located at 40729 Village Drive in Big Bear Lake, CA.  The property sold for $3.9M in an all-cash transaction.  The 100% occupied center is located in one of Southern California’s busiest and most popular mountain destinations with nearly 100,000 daily visitors during peak seasons.

Progressive Real Estate Partners’ Senior VP of Investment Sales Greg Bedell, CCIM and VP of Retail Leasing & Sales Specialist Roxy Klein exclusively marketed the property and represented the seller, a private Inland Empire-based investor. The buyer, a private San Gabriel Valley-based investor, was represented by Doreen Chen of Pinnacle Real Estate Group.

Located in the pedestrian friendly Village shopping and eating district, the beautifully maintained center is leased to 13 businesses including specialty independent boutiques, a sandwich and bagel restaurant, fitness facility, beauty salon, and music store.

Progressive Real Estate Partners Sells Multi-Tenant Retail Center in Big Bear Lake, CA for $3.9MKIein stated, “The property’s excellent location in the heart of Big Bear Lake, diverse income stream and modest rents made the listing very attractive. Not only did the property go from listing to close in under 90 days, we were able to procure an all-cash buyer at 99% of the asking price”.

Bedell added, “Demand for multi-tenant retail centers featuring a mix of internet resistant merchants continues to strengthen.  Moreover, trade areas like Big Bear Lake have become increasingly popular for Southern Californians seeking outdoor recreational areas due to Covid related restrictions. This increased prominence and tourism translated into significant investor interest in Village Mall”.

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.