*Sears Appliance Center and Sherwin Williams anchor the 21,016 square-foot shopping center
Rancho Cucamonga, CA – March 24, 2014 – Progressive Real Estate Partners announced today the sale of a 21,016 square-foot multi-tenant retail center in San Dimas, CA. The property sold for $4.8 million ($226 psf). Located at 702 W. Arrow Highway, the center is ideally located immediately adjacent to the I-57 Freeway and is directly across from a Lowes-anchored shopping center.
The Progressive Real Estate Partners team of Brad Umansky and Frank Vora exclusively handled the transaction for both the buyer and the seller. The seller was R & N Partners, LLC and the buyer was Homi Holdings, LLC. Both the buyer and seller are based in Los Angeles, CA.
“This sale is a great example of how our leasing and sales team work together. Our leasing team was able to create value by attracting Sears and Sherwin Williams to the property and then our sales team was able to source a qualified buyer who could assume the existing debt” according to Umansky, founder and president of Progressive Real Estate Partners.
Built in 1988 and renovated in 2012, the center is 100% leased to a high-quality mix of retailers including Sears Appliance Center, Sherwin Williams and T-Mobile. The center’s location is further enhanced by its close proximity to several major shopping centers that are home to a roster of national retailers including Target, Lowes, TJ Maxx, Stein Mart and Aaron Brothers making the location a regional destination.
Umansky added “This retail center presented a rare Los Angeles county in-fill opportunity which was a key reason the center generated a strong amount of interest and multiple offers. In addition, the center’s strong national credit tenant lineup made it an excellent fit for the buyer’s investment strategy”.
About Progressive Real Estate Partners
Progressive Real Estate Partners is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2009, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire and San Gabriel Valley regions. Since the firm’s inception Progressive has completed over 300 lease and sales transactions in over 35 cities throughout the two regions. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com.
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