Progressive Real Estate Partners recently facilitated the sale of a fully occupied, 21,918-square-foot shop building in Rancho Cucamonga for $7,450,000. The property is located at 10582 Foothill Blvd and is part of the popular Terra Vista Town Center with over 645,000 square feet of retail space.
The nine-tenant building was sold in an all-cash transaction with a cap rate of 6.11%. SVPs Greg Bedell and Paul Su represented the seller – a private investor from Michigan – while Raymond Ho from GE Property represented the buyer – a local investor from San Gabriel Valley.
The diverse tenant mix includes nine e-commerce resistant businesses such as beauty service providers, jeweler shops, escape rooms and children’s indoor playgrounds. All leases are triple-net with staggered expirations and annual rent increases below market rates. This provides potential for increased income by adjusting rents to market rates over time.
Don’t miss out on connecting with industry experts like Red Oak Capital Holdings CEO Gary Bechtel at our upcoming event Connect Retail West on November 16th at Luxe Sunset Blvd Hotel!
