Los Compadres Plaza’s Secret Sauce is Internet-Resistant Tenants

Los Compadres Plaza located at 1035 S. Vernon Ave. in Colton recently sold for $8.8 million. The buyer is a Southern California-based 1031 exchange private investor.

The commercial center is less than a fourth-mile from the I-215 Freeway and across from a Walmart and Ross-anchored shopping center. There are 640,000 people and 21,000 businesses employing more than 265,000 people within 15 minutes of the center.

Built in two phases in 1977 and 1980, the 47,090-square-foot commercial center consists of four buildings. The unanchored property is 93 percent occupied with 82 percent characterized as independent Internet-resistant businesses.

Progressive Real Estate Partners’ Brad Umansky, Greg Bedell and Mike Lin exclusively marketed the property and represented the Los Angeles County-based seller, one of the original developers, in the transaction.

“The sale of this property demonstrates the desire of certain buyers to own multi-tenant properties at a lower price-per-square foot with long-established independent operators,” says Umansky. “Our team has seen more and more interest in these types of properties based upon the fact that so many mom-and-pop tenants proved to be amazingly resilient during the pandemic.”