Progressive Real Estate Partners Arranges Sale of Auto Park for $2M in SoCal's Inland Empire
Progressive Real Estate Partners, a leading Inland Empire retail brokerage, announced today the sale of a 17,324 square-foot Meineke-anchored multi-tenant auto park for $2,025,000. The property sold at a cap rate of 5.65% which is a historical low for an auto park in the trade area. The property is located at 9199 Arrow Route in Rancho Cucamonga, California.
Progressive Real Estate Partners investment sales expert Frank Vora, CCIM represented the seller, a private investor based in Florida. The buyer, a private Ontario, California based investor, was represented by Barret Woods of Lee & Associates in Ontario, California.
Built in 2005, the well-established auto park is ideally situated on Arrow Route which is a major east-west thoroughfare with close access to three major freeways. In addition to Meineke Car Care Center, the 87% leased property is also home to AA Smog Center and Elite One Auto Collision Center. The building features modern construction, ample parking with easy ingress/egress and highly visible monument signage. The location also boasts strong demographics with over 340,000 people with an average household income of more than $83,000 in a 5-mile radius.
“The auto park’s newer construction, established tenant mix and excellent location provided the buyer a stable retail investment within a thriving marketplace,” according to Frank Vora, Senior Vice President at Progressive Real Estate Partners. “Investor demand remains strong for well-located multi-tenant properties in the Inland Empire. Furthermore, the sale highlights the cap rate compression we’re continuing to see for high quality retail assets due to tight supply,” he added.
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 market. The office 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. PREP is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com.