PRLog - July 9, 2014 - RANCHO CUCAMONGA, Calif. -- Progressive Real Estate Partners announced today the sale of a 66,389 square-foot retail building in Hesperia, California. The single tenant building is occupied by Kmart and was sold in an all cash transaction for $5.25 million. Located at 16968 Main St, the property is within the Midtown Square Shopping Center which is also anchored by a recently opened Stater Bros. and Orchard Supply Hardware.
Kmart Building Sold for $5.2 Million
The Progressive Real Estate Partners team of Brad Umansky and Frank Vora marketed the property and represented the seller which was The Burokas Family Trust. The buyer, a private California based real estate investment company, was represented by David Chasin at Pegasus Investments.
Built in 1987, Midtown Square Shopping Center is the dominant neighborhood shopping center in the trade area and Kmart is one of the original anchors of the center.
“This building represented a unique opportunity for the buyer to complete a 1031 exchange while acquiring an anchor space at substantially below replacement cost in the best neighborhood center in the trade area,” according to Brad Umansky, president of Progressive Real Estate Partners.
About Progressive Real Estate Partners
Progressive Real Estate Partners is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2009, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire and San Gabriel Valley regions. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 400 lease and sales transactions in over 35 cities throughout the two regions. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com.
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