Connect with us

Commercial Real Estate

Progressive Real Estate Partners Sells Former Acapulco Restaurant Building in Montclair, CA for $2.1M

Published

on

Monday, March 30th, 2020 — In the midst of the coronavirus, commercial real estate sales are moving forward.

Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a fully built-out restaurant located at 9405 Monte Vista Avenue in Montclair, California for $2,150,000. The 7,423 square-foot building was previously home to an Acapulco Mexican restaurant that closed in late 2018. The building is within the Montclair Entertainment Plaza which is directly adjacent to the 1.2M square-foot newly renovated Montclair Place regional mall which is anchored by Nordstrom, Macy’s, JC Penney, Barnes & Noble and an AMC 12-screen theater (opening soon).

Progressive Real Estate Partners Senior Retail Specialist Albert Lopez and VP of Retail Leasing and Sales Paul Su exclusively marketed the property and represented the seller, a private LA-County based investor. The buyer, Asahi One Spot, Inc. was represented by Robert Chay with Realty One Group. The buyer has considerable restaurant experience having previously owned and operated three other Inland Empire Sushi restaurants.

The restaurant is part of the Montclair Entertainment Plaza with visibility to over 246,000 cars per day on the heavily traveled I-10 freeway. The center is also home to several other restaurants including Buffalo Wild Wings, Black Angus, Chili’s, Olive Garden, Red Lobster and Applebee’s. Built in 1981, the 7,423 square-foot restaurant includes a patio and plenty of parking and features prominent freeway monument signage. The buyer plans to renovate the property and open a Sushi restaurant, although neither a timeline nor specific plans have been released yet.

According to Lopez, “The prime location next to the Montclair Place regional mall combined with the strong restaurant co-tenancy and the incredible freeway visibility made the property highly desirable. We received multiple aggressive offers and the property sold within 30 days of going to market.” He added, “The buyer obtained their financing through an SBA Loan that closed amid the start of the current economic volatility further demonstrating the strength of the property and the buyer, as well as SBA’s support of small business.”

 

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 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

Commercial Real Estate

CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer

Published

on

CBRE announced the sale of a 25-unit multifamily community in Fontana, California to a local private investor for $6.3 million.

Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented both the private seller and private buyer in the transaction.

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.

Continue Reading

Commercial Real Estate

Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA

Published

on

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.”

Continue Reading

Commercial Real Estate

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.

Published

on

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.

Continue Reading

Business Journal Newsletter



Events Calendar

« December 2023 » loading...
M T W T F S S
27
28
29
30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Trending