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Progressive Real Estate Partners Sells Single – Tenant Popeyes in SoCal’s Inland Empire for $1,006 PSF

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Rancho Cucamonga, CA – August 28, 2019 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a single-tenant Popeyes Louisiana Kitchen drive-thru restaurant located at 501 East 5th Street in Beaumont, California. The property sold for $2,265,000 representing a record $1,006 per square foot for a single-tenant Popeyes in SoCal’s Inland Empire.

Progressive Real Estate Partners Vice President of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Riverside-based investor. The buyer, a private San Jose-based investor, was represented by Cindy Hipwell of Hipwell Real Estate.

Built in 2008, the recently upgraded 2,250 square foot restaurant is located immediately adjacent to the heavily traveled I-10 freeway along the Beaumont Avenue off-ramp and benefits from excellent access, pylon signage and approximately 152,000 cars per day passing by the site. The restaurant is operated by an established franchisee with multiple locations throughout Riverside County.

With a population that has tripled since 2000, Beaumont is the 4th fastest growing city in California. Furthermore the area has attracted significant e-commerce industrial development, including a new 640,000 square foot Amazon fulfillment center, creating a strong daytime workforce.

According to Bedell, “The buyers were seeking a 1031 exchange property that was non-management intensive and a secure investment that would provide stable cash flow. Popeyes’ rare 20-year absolute NNN lease with 18+ years remaining, Interstate 10 off-ramp location, and prominent positioning in California’s 4th fastest growing city all combined to make the property a clear favorite.”

He added, “Through our broad-based marketing campaign and reputation of cooperating with outside brokers, we generated nine qualified and competitive offers. Investor response to this asset clearly demonstrates the continued demand for well-located single tenant national brand fast food restaurants in strong markets like the Inland Empire.” Founded in 1972, Popeyes is one of the world’s largest chicken quick service restaurants, with over 2,700 restaurants in the US and around the world.

 

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. You can also follow Progressive Real Estate Partners on Linkedin, Twitter, Instagram and Facebook.

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

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Commercial Real Estate

Court Appoints Receiver to Oversee Former American Sports University Dormitory in San Bernardino

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The San Bernardino Superior Court has placed the former American Sports University Dormitory, located at 340 West Fourth Street under receivership. In a ruling dated January 18, 2024, Judge Thomas Garza appointed Richardson Griswold of Griswold Law in Encinitas as Receiver.

“We are pleased that Judge Garza has granted our motion to appoint a Receiver,” said San Bernardino City Manager Charles Montoya. “He agreed that the site conditions have likely worsened since we made our initial request for a receiver a year ago and the property poses a danger to the community.”

Under the powers granted by the Court, Griswold is authorized 1) to rehabilitate the property; 2) demolish the building, or 3) sell the property to an entity who will promptly undertake the rehabilitation and correct the identified deficiencies and violations.

Receiver Richardson “Red” Griswold has extensive experience as a court appointed receiver. He has been appointed by over 180 California courts in 21 different California counties, including appointments related to health & safety, rents, post-judgment, and partition matters. Griswold also acts as an expert witness in cases involving habitability standards. He will report directly to Judge Garza and will enforce the judge’s orders to protect the building from additional break-ins and damage.

In its ruling, the court found “the substandard conditions on the Subject Property are ongoing and will likely persist unless this Court appoints a receiver to take possession of the Subject Property and undertake responsibility for its rehabilitation.”

The court found that the property is a public nuisance and is being maintained in a manner that violates State and local laws. The violations at the property are so extensive and of such a nature that the health and safety of neighboring residents and the general public is substantially endangered.

The court stated that the property owners did not comply with City issued notices and orders to correct the substandard conditions, despite being afforded a reasonable opportunity to correct the conditions.

The court also ordered that Ji Li, Fox Property Holdings, and its representatives are prohibited from entering the building without the Receiver’s permission, making any changes to existing insurance policies, selling or encumbering the building, or collecting rents or other income from the building.

The property at 340 West 4th Street has been a challenging property for several years. Used as an unpermitted housing facility by Ji Li and Fox Property Holdings, tenants were subjected to unsafe and unlivable conditions including black mold, inoperative fire alarms and sprinklers, blocked fire escapes, and insect and rodent infestations.

San Bernardino had been working through the Civil Court process to take control of the building the past eighteen months. In that time, Ji Li and Fox Property Holdings of Irwindale, have ignored court orders, including a September 2022 Temporary Restraining Order requiring them to pay to relocate tenants and make all required repairs to the building.

Due to the unsafe conditions, on August 17, 2023, the City of San Bernardino red tagged the building, relocating the tenants that still remained. Despite boarding up the property, there have been repeated fires and break-ins.

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Hanley Investment Group Completes Sale of Chipotle Drive-Thru Anchored Pad in Palm Desert, Calif., for $3.86 Million

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Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a fully occupied, multi-tenant retail pad property in Palm Desert, California. The property is anchored by a new Chipotle Mexican Grill with a drive-thru “Chipotlane” near the Interstate 10 freeway Washington Street on/off ramp. This transaction closed at $3.86 million, marking the 17th Chipotle property sold by Hanley Investment Group in the last 24 months.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, a private investor based in Los Angeles. The buyer, a private 1031 exchange investor from San Diego, was represented by Omar Hussein of Beacon Realty Advisors in Del Mar, California.

“We generated multiple qualified offers and created a competitive bidding environment to achieve maximum market pricing,” said Asher. “We procured an all-cash 1031 exchange buyer and negotiated a 21-day due diligence period and a timely closing to help accommodate the buyer’s exchange requirement.”

Built in 2008, the 8,500-square-foot, four-tenant retail pad sits on 1.01 acres at 39575 Washington Street in the heart of Coachella Valley. Chipotle Mexican Grill occupies approximately 40% of the building with a new 10-year triple-net corporate lease (NYSE: CMG). Other tenants include Cornerstone Pharmacy, Luxury Nails & Spa, and Keller Williams Realty Coachella Valley | Jelmberg Team.

The property is strategically located at a signalized intersection on Washington Street, a major north/south corridor in the Coachella Valley (46,350 cars per day). It is ideally positioned one block from the Interstate 10 entrance/exit for Washington Boulevard (107,750 cars per day). Interstate 10 connects Los Angeles to San Bernardino County, Riverside County, and Phoenix, Arizona. The Chipotle-anchored property is also directly across from Sun City Palm Desert, a 1,600-acre gated community with over 5,000 homes and more than 9,000 residents.

Surrounding retailers include Stater Bros., EOS Fitness, Bank of America, DaVita Dialysis, Del Taco, McDonald’s, Starbucks, Taco Bell, and Walgreens. The property is less than 2.5 miles from the new Acrisure Arena, an 11,000-seat indoor arena that opened in December 2022 and is home to an NHL minor league ice hockey team.

Palm Desert is the geographic center of the Coachella Valley, a rapidly growing region in Southern California. The average household income within a three-mile radius is over $110,000. The population within a three-mile radius of the investment property has increased by 65% between 2000 and 2021. Within one mile, the number of households has increased by 44% during the same period.

The Coachella Valley attracts over three million visitors each year and hosts major events such as the Coachella Valley Music & Arts Festival (the world’s largest music festival, attracting over 250,000 visitors), the Stagecoach Festival (the second largest country music festival with over 85,000 visitors), and the Riverside County Fair & National Date Festival (attracting 315,000 visitors). The region is also home to four casinos and more than 130 golf courses.

Asher adds, “Chipotle is one of the more sought-after QSR drive-thru tenants in the marketplace right now, and it showed based on the high-interest level we received on the property. The sale of the Chipotle-anchored pad building in Palm Desert demonstrates there is still an active buyer pool for top-tier multi-tenant retail pad investments in today’s market.”

Hanley Investment Group has sold $1.8 billion in retail properties in the Inland Empire, including $470 million in volume in the last 48 months.

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CBRE’s NRP – Newport Beach Retail Investment Team Closes 1,000th Retail Investment Transaction, Launches Retail Private Capital Team

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CBRE’s NRP – Newport Beach Retail Investment Team announced the completion of its 1,000th retail investment sale transaction with the closing of Komar Desert Center in La Quinta, California. Komar Desert Center consists of multiple pad retail buildings shadow-anchored by the only Costco in the Desert. The property sold for $26.4 million to a private capital investor, completing a 1031 exchange.

Led by Phil Voorhees, the Newport Beach, California team, successfully closed 1,000 retail investment sale transactions, including 359 anchored shopping centers, 267 strip shopping centers, 356 single-tenant-net-leased (STNL) investments, and a variety of other retail properties, totaling nearly $14.8 billion in value and encompassing over 75 million square feet throughout the west. Since 2012, the team achieved an average of 97% of the list price on 581 closed transactions, amounting to nearly $8.8 billion. The team consists of 19 members and leverages CBRE’s extensive resources to deliver exceptional results for institutional and private clients.

“This is a day that is – at the same time – hard to imagine and inevitable,” said team leader Phil Voorhees, Vice Chairman at CBRE. “When I arrived at CBRE in 2001, Todd Goodman (retired) and Preston Fetrow already managed one of the few retail investment teams in the country focused solely on retail investments. Now we have closed the 1,000th retail investment sale transaction and expanded the team’s footprint to include strip centers and STNL investments. The team’s remarkable track record of accuracy and consistency over more than two decades is extremely gratifying.”

With its 1,000th successful transaction completed, Voorhees is stepping down from CBRE’s National Retail Partners platform to focus on private capital assets and clients, and personal investments. Voorhees and his longtime partner, John Read, will co-lead the private capital team and expand throughout the region.

Jimmy Slusher will assume leadership of the Newport Beach National Retail Partners team, concentrating on institutional clients and premier retail assets. The Newport Beach NRP team is part of CBRE’s National Retail Partners platform, a national group covering every region around the country advising real estate investment trusts (REITs), operators, developers and pension fund clients, the institutional cohort targeting larger format retail investments.

“In hindsight, the team laid a foundation of success, one successfully closed transaction at a time,” noted Slusher, regarding the 1,000th team transaction. “We’re grateful for many repeat clients and working at a great company that has supported the team over the years.”

Read added, “Variety is the spice of life, and that could not ring truer than with the variety of clients and retail investments our team represented over many years. While our 1,000th sale is a significant milestone, we approach every assignment and transaction with the same level of passion and process, regardless of its size. We are grateful for our clients’ trust in our ability to execute and represent their best interests, which has been instrumental in our success.”

Going forward, Slusher will lead National Retail Partner’s efforts in the region while Voorhees and Read will handle private client opportunities. The two separate teams will be positioned to service a wide variety of retail investment matters across the region. Long recognized as industry-leading retail investment experts, the teams continue to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the teams consist of specialists with institutional and private client relationships that leverage institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.

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