Progressive Real Estate Partners Brokers Sales of Retail Center in Colton, CA for $1.9M
Rancho Cucamonga, CA – April 4, 2016 - Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage, announced today the sale of Bluffs Crossing, a 6,167 square-foot multi-tenant retail center located at 1231 E. Washington Street in Colton, CA. The property sold for $1.9 million ($323 psf) at a cap rate of 5.1% in a 1031 exchange transaction. The center is ideally located directly adjacent to the heavily traveled I-215 freeway and Washington Street with a combined average traffic count of approximately 350,000 cars per day.
Progressive Real Estate Partners retail investment sales expert Greg Bedell exclusively marketed the property and represented the seller, a private investor based in Sherman Oaks, CA. Fred Furey, an independent Huntington Beach based broker, represented the buyer, a private investor based in Chino Hills, CA.
Built in 2007, Bluffs Crossing is conveniently located in the retail hub of Colton in a well-established trade area. The center is home to a mix of food and service users including Premier Insurance, U-Haul, a Verizon cell tower and newcomer Pizza Q, the first restaurant in the area to combine pizza and slow-cooked BBQ under one roof. A top performing Starbucks drive-thru and Dunn Edwards are located immediately adjacent to the center. Other neighboring national retailers include Wal Mart, Ashley Furniture, Ross Dress for Less, McDonalds and Carl’s Jr creating a strong regional draw and cross-shopping benefit to the property. In addition to the excellent freeway visibility, the tenants also enjoy prominent freeway pylon signage and strong demographics with a population in excess of 190,000 people within a 10 minute drive.
“Bluffs Crossing’s superb freeway visibility combined with the center’s newer construction, diverse tenant mix and excellent regional location within Colton’s retail hub made it a very attractive acquisition for the buyer,” according to Greg Bedell, Investment Sales Specialist. He added “In order to best position the center for sale, Progressive also helped with the lease-up by attracting Pizza Q to the property, thus adding a significant amount of value.”
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. For further information visit www.progressiverep.com.
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