Rancho Cucamonga, CA – July 17, 2017 – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, announced today the sale of Dollar General Town Center located at 700-728 San Jacinto Avenue, San Jacinto, California. The property sold for $4.9M in a 1031 exchange transaction. Anchored by Dollar General, the 27,112 square foot multi-tenant center is 100% occupied.
Progressive Real Estate Partners VP of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Huntington Beach based investor. The buyer, a private family trust based in Newport Beach, was represented by Rob Sauser of PMZ Commercial.
Remodeled in 2012, the center is ideally located on San Jacinto’s primary retail corridor at the signalized intersection of San Jacinto Avenue and 7th Street. In addition to Dollar General, the tenant mix includes a variety of shops, services and eateries with 45% of the tenants having renewed their leases within the past year. The property also features highly visible monument signage and enjoys excellent accessibility with five points of access/egress and no center dividers blocking entry.
According to Greg Bedell, “This was a rare opportunity to acquire a credit anchored 100% occupied shopping center in its entirety. Furthermore, several of the leases were completed during the recession creating the opportunity for upside as those deals renew. Our team was able to leverage our extensive database of Inland Empire lease comparables to demonstrate the market potential.” He added, “The buyer had owned and managed other properties in the San Jacinto/Hemet market so they were familiar with the strength of the trade area and this property was well suited to fulfill their 1031 exchange requirement.”
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 500 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. The firm is led by Brad Umansky, founder and president.