COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $6.2M sale of a free-standing Shell Gas Station and Circle K Convenience Store at 2128 South Riverside Avenue, Bloomington, California. The station is located in a busy industrial area directly off the heavily-traveled I-10 freeway at the signalized intersection of South Riverside and Slover Avenues.
Progressive Real Estate Partners’ Victor Buendia, Business and Commercial Real Estate Sales Specialist represented the seller, a Corona based private investor in the transaction. Mahlon Tobias from Tobias Commercial represented the buyer, a Riverside County-based private investor that operates multiple ARCO gas stations throughout California.
Built in 2001, the well-established Shell station has 8 dispensers with 20 fueling positions and a 2,900 square foot convenience store where customers can purchase a variety of grocery items including snacks, to-go fresh food and beverages including beer and wine (type 20 liquor license). The purchase included both the business and the real estate.
According to Victor Buendia, “The demand for conveniently located high volume gas stations with full service convenience stores in SoCal’s Inland Empire continues to be very strong. Not only are they essential businesses, they are also the ultimate internet-resistant use and with the pandemic convenience stores have become an increasingly popular option for “to-go” food and grocery items”.
He added, “These transactions are often very complex due to the number of parties involved. In this case there were agreements with Shell and Circle K as well as SBA bank financing requirements that had to be addressed and we worked diligently with the seller and buyer to resolve those matters and ensure a timely and successful closing”.