Progressive Real Estate Partners Brokers $3.6 Million Sale of Barstow Plaza

• Auction.com Online Platform Utilized to Execute Sale of Center
 
 
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* Retail

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* Real Estate
* Retail

Location:
* Rancho Cucamonga - California - US

RANCHO CUCAMONGA, Calif. - May 8, 2014 - PRLog -- Rancho Cucamonga, CA – April 30, 2014 - Progressive Real Estate Partners announced today the sale of Barstow Plaza, a 68,362 square-foot shopping center. The property sold for $3.6 million.  Located at 1303 E. Main St. in Barstow, California, the center is in close proximity to the I-15 Freeway and across from a Vons and 99Cent Only- anchored shopping center.

The Progressive Real Estate Partners team of Brad Umansky, Kenia Drugan and Greg Bedell marketed the asset and represented the seller which was The Steele and Shelger Family Trusts.  The buyers, Los Angeles-based private investors, were represented by Victor Gausepohl III of Collier’s International.

Barstow Plaza was built in 1974 and expanded in 2001 to include an additional pad location. The sellers had held the property for the last 40 years.  The tenant roster includes anchors Family Dollar, Aaron’s, Wienerschnitzel, Fast Auto Loans and several small shops and services.

The center is 56% occupied with some of the most desirable contiguous space still available affording the buyer the value-added opportunity to accommodate either a 30,000 SF anchor or to sub-divide the space for multiple sub-anchor users.

According to Brad Umansky, president of Progressive Real Estate Partners, “After careful evaluation, we determined that using the Auction.com platform would be the most effective way to sell the center given it’s tertiary location in the High Desert region of the Inland Empire, the upside potential due to the center vacancy, and the seller’s desire to have a simplified process and quick closing”.  Umansky added “Auction.com is well-established and well-suited for this type of transaction and their thorough pre-qualification requirements helped ensure a successful closing”.

The seller’s representative, Jim Shelger, was exceptionally pleased with the entire process from start to finish.  According to Shelger “The Progressive team was excellent to deal with and we could not have asked for better representation and expert guidance”.

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.  Since the firm’s inception, Progressive has completed over 300 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.

You can also follow Progressive Real Estate Partners on Linkedin, Twitter (@Progressive_REP) or Facebook (facebook.com/ProgressiveRealEstatePartners).

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Paula Dempsey
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Source:Progressive Real Estate Partners
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Tags:Retail
Industry:Real Estate, Retail
Location:Rancho Cucamonga - California - United States
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