Rancho Cucamonga, CA – May 8, 2019 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a 15,105 square-foot multi-tenant shop building at Rancherias Plaza. Located at 20162 Highway 18 in Apple Valley, CA the property sold for $2,550,000. The Town of Apple Valley is located in the fast-growing High Desert region of SoCal’s Inland Empire.
Progressive Real Estate Partners Vice President of Investment Sales Greg Bedell, CCIM and Investment Sales & Land Specialist Chris Lindholm exclusively marketed the property and represented the seller, a private Los Angeles-based investor. The buyer was a private San Diego-based investor.
Built in 1991, the 92% occupied shop building is located at the primary entrance of Rancherias Plaza, which is anchored by CVS Pharmacy and 99 Cents Only Stores. A diverse mix of seven internet-resistant food and service retailers occupy the shop building. Furthermore, the property benefits from its excellent location on the heavily traveled Highway 18 which is the trade area’s primary retail thoroughfare with an average daily traffic count of over 33,000 cars.
“This listing presented an excellent opportunity to acquire a historically well occupied property in a center with nationally recognized anchor tenants,” according to Bedell. He added, “Progressive’s decades long presence in the High Desert enabled us to leverage our deep understanding of the trade area into maximum value for the property. We generated multiple quality offers and ultimately the asset traded within 98% of the asking price further demonstrating the strong investment fundamentals and property location.”
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 1,000 lease and sales transactions 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.