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Progressive Real Estate Partners Sells Shops at Ramona Expressway in Perris, CA for $3.5M
By: Progressive Real Estate Partners
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 Monterey Park-based investor was represented by Shane Delaney with REeBroker Group.
Built in 2007, the Shops at Ramona Expressway features high quality modern architecture and is home to a strong mix of internet-resistant food and service retailers. The center benefits from its excellent location less than ½ mile from the I-215 freeway on the heavily trafficked Ramona Expressway with average daily traffic counts of 40,202. Additionally, there are over 40M square feet of existing industrial with another 13M square feet planned or under construction within 3-miles of the center creating a thriving daytime marketplace of 8,000+ employees seeking food and service-related retail. The property is also adjacent to May Ranch which is the largest master planned community in Perris with 745 acres and 4,500 households.
As part of the transaction Bedell assisted in successfully overcoming several challenges including negotiating a lease renewal with Subway (previously month to month), structuring a creative leaseback to deal with an impending lease expiration and addressing conflicting sets of CC&R's recorded against the property.
"The Shops at Ramona Expressway presented the rare opportunity to acquire a newer construction, 100% occupied NNN retail asset in one of the fastest growing areas of Southern California,"
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. The firm is led by Brad Umansky, founder and president. For further information visit https://www.progressiverep.com/
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