Claremont Retail Property Trades for $4M

Progressive Real Estate Partners has arranged the sale of a 9,200-square-foot, 100% occupied retail shop building adjacent to Sprouts Farmers Market in Claremont, CA. The 3-tenant property sold for $4.1 million at a 4.65% cap rate in an all-cash, 1031 exchange deal.

The shop building is home to Unleashed by Petco, Wild Birds and Almond Haus Cafe, and features modern architecture. The location enjoys excellent visibility from Foothill Boulevard, one of the major thoroughfares in Claremont.

Progressive Real Estate Partners’ Greg Bedell and Roxy Klein represented the seller, The Festival Companies. “We are very pleased with the outcome and achieved our investment objectives for this asset,” said Rosalind Schurgin, the CEO of The Festival Companies. “The expertise and attention to detail by the Progressive Real Estate Partners team was impressive and resulted in a timely and smooth transaction from start to finish.”