Progressive Real Estate Partners successfully facilitated the sale of a fully occupied 21,918-square-foot shop building located at 10582 Foothill Blvd. in Rancho Cucamonga for $7,450,000. This property is part of the highly sought-after Terra Vista Town Center which spans over 645,000 square feet. The transaction was completed as an all-cash 1031 exchange with a cap rate of 6.11%.
The team responsible for marketing and representing the seller – a private investor from Michigan – included SVPs Greg Bedell (CCIM) and Paul Su (retail leasing & sales). On behalf of the buyer – another private investor based in San Gabriel Valley – Raymond Ho with GE Property provided representation.
This nine-tenant shop building boasts e-commerce resistant service-oriented tenants such as beauty service providers, a jeweler, escape room and children’s indoor playgrounds. All leases are triple-net with staggered lease expirations and embedded annual rent increases below market rates; making it an attractive investment opportunity for buyers looking to diversify their income stream while also having potential upside by increasing rents to market rates over time.
Get valuable insights from industry experts like Red Oak Capital Holdings’ CEO Gary Bechtel by attending Connect Retail West on November 16 at Luxe Sunset Blvd Hotel.
This article originally appeared on Connect CRE website.
