Connect with us

By Press Release

Progressive Real Estate Partners Completes Anchor Re-tenanting with Dollar Tree Lease Signing in Fontana, CA

Published

on

Rancho Cucamonga, CA – November 4, 2019 – Progressive Real Estate Partners, the leading Inland Empire retail brokerage firm, announced today that it has executed a lease with Dollar Tree for a 12,430 square-foot space at 14574 Baseline Avenue in Fontana, California. 

The store will be located in the well-established Morningside Marketplace shopping center.  Dollar Tree will occupy a portion of the former Ralphs Grocery store which closed in early 2013. Chuze Fitness (previously announced) will occupy the balance of the Ralphs space.  Both are expected to open by mid-2020 making it the first time in 7 years that the popular neighborhood center will have an anchor presence.

Progressive Real Estate Partners’ VP of Retail Leasing and Sales Paul Su exclusively marketed the property and represented the lessor. Lee Clay Park of Edge Realty represented Dollar Tree.

Dollar Tree is a well-known leading operator of discount variety stores offering a constantly changing assortment of merchandise including housewares, cleaning supplies, seasonal décor, party items, toys, gifts, craft supplies and food all at a price point of $1 (or less).  The company has over 15,000 stores and operates under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada.

The 90,000 square-foot Morningside Marketplace is conveniently situated at a busy four-way signalized intersection with excellent monument signage and visibility on both Baseline and Cherry Avenues with a combined average daily traffic count of over 50,000 cars.  In spite of not having the benefit of an anchor tenant for an extended period of time, the shop and pad space is almost 100% leased to a variety of food and service users including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins and Wienerschnitzel further demonstrating the strength of the location.  The center also enjoys strong demographics of over 253,000 residents with an average household income of more than $85,422 within a 5-mile radius.

“We’re excited to welcome Dollar Tree to the center. Today’s value minded customer appreciates the wide assortment of every day merchandise available at the store making it a perfect addition to the retail mix at Morningside Marketplace,” according to Paul Su.  “Furthermore, the community has waited a long time for the former Ralphs store to be leased and we couldn’t be more pleased that both Dollar Tree and Chuze Fitness recognized the strength of the center and will be opening soon.  It’s also good news for the other shopping center retailers to finally have new anchor tenants which will help drive more traffic and sales to the property,” Su 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 1,000 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. For further information visit www.progressiverep.com.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Continue Reading

By Press Release

Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

Published

on

San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

Continue Reading

By Press Release

Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

Published

on

Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

Continue Reading

By Press Release

BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

Published

on

Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

Continue Reading

Business Journal Newsletter



Trending