Progressive Real Estate Partners arranged the $7,450,000 sale of a 21,918-square-foot 100% occupied shop building at 10582 Foothill Blvd. in Rancho Cucamonga. Part of the 645,000-square-foot Terra Vista Town Center, the nine-tenant shop building sold at a 6.11% cap rate in an all cash 1031 exchange transaction.
SVP of investment sales Greg Bedell, CCIM and SVP of retail leasing & sales Paul Su marketed the property and represented the seller, a private Michigan based investor. Raymond Ho with GE Property represented the buyer, a private San Gabriel Valley-based investor.
Nine e-commerce resistant service-oriented tenants including multiple beauty service providers, a jeweler, escape room and a children’s indoor playground occupy the shop building. All leases are triple-net lease with staggered lease expirations, embedded annual rent increases and below market rents, providing the buyer a diverse income stream with upside potential by increasing rents to market rates over time.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).