Rancho Cucamonga, CA –– Progressive Real Estate Partners announced the $4,895,000 sale of a 20,020 square-foot retail building at 675 E. Hospitality Lane in San Bernardino, California. The building, leased to Office Depot, is between Home Depot and Aldi and is part of the Tri City Commons/Hospitality Lane District which is one of the Inland Empire’s most popular and well-established retail, dining, office and hospitality destinations with over 5M square feet of users.
The Progressive Real Estate Partners brokerage team of Greg Bedell, Paul Galmarini and Paul Su represented the seller, a private Los Angeles based investor in the transaction. The buyer, a private Inland Empire based entity, was represented by Jason Alter at IPA Commercial Real Estate.
Built in 1991, the center has excellent freeway visibility and monument signage on the heavily traveled I-10 with average daily traffic counts of over 204,000 cars. The sale included both the building and 81 parking spaces plus reciprocal parking with the shopping center. Other users in the center and neighboring include nationally recognized brands like Costco, Sam’s Club, PetSmart, 24 Hr. Fitness, Curacao, Staples, Buffalo Wild Wings, BJ’s Brewhouse, Olive Garden, Lakeshore Learning, Residence Inn, Hampton Inn and others. It’s also a very densely populated area with over 245,000 people residing within 5-miles as well as a daytime population of over 109,000 employees.
This is the second sale that Progressive Real Estate Partners has recently completed in the Hospitality Lane District. Earlier this year the firm arranged the sale of 1.7 acres of land at 898 E. Harriman Place that is being developed into a 117-room Everhome Suites Hotel.
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 market. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1200 lease and sales transactions valued at more than $1.8B in 35+ cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.