Progressive Real Estate Partners Sells Two Outparcels at Mall of Victor Valley Entrance for Total of $4.2M
Rancho Cucamonga, CA – March 29, 2017 - Progressive Real Estate Partners, a leading Inland Empire retail brokerage, announced today the sale of two outparcels at the entrance to the Mall of Victor Valley for a combined total of $4.2 million. The Mall of Victor Valley is the dominant regional mall serving Southern California’s High Desert region, which is part of the Inland Empire. The 575,000 square-foot center has excellent freeway visibility on the heavily traveled 1-15 freeway and is anchored by a new Macy’s, expanded JC Penney, Dick’s Sporting Goods, Sears and Cinemark Theaters. The two transactions include:
- Big 5 Outparcel – 14390 Bear Valley Road, Victorville, CA – The 8,000 square-foot single tenant building has been occupied by Big 5 since the building was constructed in 1987. In spite of the 1980’s rent basis and a short lease term, with up to 45 years of options at possibly flat rent, the superb location and minimal risk made it a very desirable acquisition. The property was purchased by a private SoCal investor for $1,580,000 in an all cash transaction at below a 5% cap rate which demonstrates the continued strength of the single tenant market even in outlying SoCal trade areas.
Progressive Real Estate Partners brokers Mike Lin and Brad Umansky exclusively represented both the buyer and seller in the transaction. According to Retail Specialist Mike Lin, “This sale demonstrates that when you have an excellent location a buyer will pay a low cap rate despite a short term lease”.
- Multi-Tenant Outparcel – 14350 Bear Valley Road, Victorville, CA – Built in 2005, the 14,120 square foot multi-tenant retail building includes a 9,200 square-foot former David’s Bridal and four shop spaces totaling 4,920 square feet. Given the larger vacancy, the listing was an excellent owner/user opportunity and generated multiple offers. The property was acquired for $2,650,000 by a partnership formed by Alan Gottlieb of Real Estate Affiliates. Based upon his long time relationship with Sit ‘n Sleep, he was able to secure them for this location and they recently opened in the 9,200 square-foot space.
Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot exclusively marketed the property and represented the seller, a private Los Angeles based investor. According to President Brad Umansky, “We are thrilled that Sit ‘n Sleep has opened a store at this location. I think it’s the perfect retailer for this site and I am appreciative of Alan Gottlieb and his team for helping make this a reality”.
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.