Rancho Cucamonga, CA – January 27, 2021 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of the Shops at Fontana Square, a 7,194 square-foot unanchored multi-tenant retail center located at 17218 Foothill Boulevard in Fontana, California. The property sold for $2.8M in an all-cash transaction. The 100% occupied center is located on one of Fontana’s primary retail corridors directly across from a well-established Wal-Mart anchored center.
Progressive Real Estate Partners’ VP of Investment Sales Greg Bedell, CCIM and VP of Investment Sales Mike Lin exclusively marketed the property and represented the seller, a private Arizona-based investor. Dolly Yau from Dolly Realty represented the buyer, a private SoCal-based investor.
Built in 2008, Foothill Village features modern architecture and is home to a stable mix of 7 internet-resistant services none of which have required pandemic-related rent relief. The center enjoys excellent visibility on Foothill Boulevard with 200+/- feet of unobstructed frontage facing Wal Mart. Furthermore, the property is located in a densely populated area with more than 191,000 residents within 3-miles earning an average household income of $76,650.
According to Bedell, “Through our aggressive marketing campaign, we were able to produce multiple qualified offers within days of going to market, ultimately securing a non-exchange all-cash buyer at 98% of the asking price. The buyer was attracted to the property’s location across from a high performing Walmart, the center’s strong occupancy history, the resiliency of the tenants throughout the COVID-19 pandemic, and the diverse rent roll with 7 equally sized units. The buyer had a short 14-day due diligence period over the Holiday season and closed the first week of January.”
Lin added, “With bond yields at records lows and a general sense that the stock market feels frothy, we are starting to see investors return to the multi-tenant retail investment market in search of stability and yield”.
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 valued at more than $1B 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.