Planet Fitness is projected to open in early 2020 & will occupy a portion of a former Kmart store
Rancho Cucamonga, CA – July 16, 2019 – Progressive Real Estate Partners, the leading Inland Empire retail brokerage firm, announced today that it has completed a lease with Planet Fitness for a new 24,345 square-foot location at 1670 E. Fourth Street in Ontario, California.
Planet Fitness will be occupying a portion of a former approximately 100,000 square-foot Kmart store that is being sub-divided into three anchor spaces. Progressive Real Estate Partners is currently marketing the other two spaces. The site is part of the Vineyard Freeway Center with excellent identity and visibility to over 237,000 cars per day on the heavily traveled I-10 freeway which is a major east/west thoroughfare running from Los Angeles to Palm Springs.
Progressive Real Estate Partners’ Senior VP Paul Galmarini and VP of Leasing and Sales Paul Su exclusively marketed the property and represented the lessor in the transaction. Townsand Cropsey with SRS Real Estate represented Planet Fitness.
The new fitness center is expected to open in early 2020 and will be operated by one of the top Planet Fitness franchisees with over 30 locations. Members will enjoy a wide selection of high-quality, Planet Fitness-branded cardio, circuit and weight-training equipment. The gym will also feature a Beauty Angels area with tanning booths, massage chairs and hydro massage beds. With over 1800 locations and 13.6 million members, Planet Fitness is well-known for its affordable $10 a month standard membership plan and commitment to a welcoming, non-intimidating environment called the “Judgement Free Zone”.
The 151,000 square-foot Vineyard Freeway Center is currently undergoing an extensive exterior renovation that will include new storefront facades, the addition of more parking and upgraded pylon and monument signage. The center is occupied by a variety of retail, service and food users including a recently opened Golden Corral restaurant. The dense in-fill location also enjoys excellent demographics with more than 386,000 residents with an average household income of $73,000+ in a 5-mile radius. Furthermore, there is a strong daytime population of 190,000+ employees within 5-miles.
According to Paul Su, “We faced a number of hurdles in leasing this space and worked closely with the landlord to make the deal happen. In addition to facilitating the termination of Kmart’s lease, the CC&Rs had to be modified to allow the use which also required obtaining the City of Ontario’s approval.”
Paul Galmarini added, “The strong demographics, excellent location, outstanding freeway signage and visibility were all very attractive to Planet Fitness making this a perfect site for them to open a new location. It is also good news for the shopping center having a new anchor tenant that will help drive more traffic to the property. As consumers have become more health and wellness conscious, fitness centers have rapidly become popular anchor tenants.”
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 1000 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.
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CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer
CBRE announced the sale of a 25-unit multifamily community in Fontana, California to a local private investor for $6.3 million.
Located at 8919 Mango Ave. in Fontana, the property, built in 1973, offers a mix of one-bedroom, two-bedroom (townhouse-style), and three-bedroom floorplans with an average unit size of 787 square feet. Units feature high speed internet access, air conditioning and heating, and kitchen appliances. Property amenities include on-site laundry, carport and surface parking, secure entry gate and lush landscaping.
“This 25-unit property is a quality asset with substantial value-add upside potential in one of the best performing cities of the Inland Empire,” said Torgerson. “The property has historically performed well and is poised for future rent growth as the new owner plans to strategically renovate the interior and exterior of the property.”
He added, “This was a transaction in which our team negotiated seller financing, allowing the seller to achieve their target pricing while simultaneously enabling the buyer to immediately cash flow.”
The community is walking distance to Veterans Park, Chaffey College Fontana Campus and various restaurant options. It is also near Kaiser Hospital Fontana, the Fontana Metrolink Transit Station, retailers and Interstate 10.
Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA
COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.
The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.
The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre. The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas. Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.
Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.
Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.
According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”
Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”
CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.
Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail
CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.
Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.
Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.
“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”
Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.
Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.
The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.
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