Riverside: Progressive Real Estate Partners Completes Sale of Retail Building for $3.25M
Riverside location will be the Social Security Administration’s (SSA) New Office
Rancho Cucamonga, CA – Progressive Real Estate Partners, a leading Inland Empire retail real estate brokerage firm, announced today the sale of a 22,000 square-foot retail building in Riverside, California for $3.25M. The freestanding building is ideally situated along Riverside’s premier retail corridor at 10000 Magnolia Avenue. Currently a mostly vacant outdated building, the property is being renovated by the buyer and has been leased to the Social Security Administration (SSA) for their new Riverside office which is projected to open in 2018.
Progressive Real Estate Partners VP of Investment Sales, Greg Bedell and VP of Leasing and Sales Pablo Velasco exclusively marketed the building and represented both parties in the transaction. The seller was a private investor based in San Bernardino. The buyer is a Laguna Beach based privately-held development firm with a successful track record of re-developing properties, often times for government entities such as the SSA.
Built in the late 1960s, the buyer will be embarking on a multi-million dollar renovation of the property including upgrading the façade, extensive interior renovations and adding a parking deck. To make way for the renovation the sole tenant, Riverside Cyclery, will be relocating and moving out at the end of the year.
The building was particularly desirable to the Social Security Administration due to its size, proximity to the 91 freeway and central location which is less than a ½ mile from the Galleria at Tyler regional mall. The property also enjoys excellent street visibility with an average daily traffic count of almost 33,000 cars.
“When the SSA issued their RFP for a new location along Riverside’s well-established Magnolia corridor, this building was a clear fit and we procured multiple offers. We quickly identified the most experienced and financially capable buyer,” according to Greg Bedell, VP of Investment Sales. He added, “However, there were a lot of moving parts to the transaction, most notably aiding the seller with a complicated lease buy-out and working with the buyer to overcome the site’s lack of parking. We were able to successfully address both issues and complete the sale. It’s also good news for the residents of Riverside County who will benefit by having a more conveniently located Social Security office.”
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 750 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 www.progressiverep.com.