Progressive Real Estate Partners has brokered the $3 million sale between two Southern California private investors for Farmer’s Corner, a 77,000-square-foot farmhouse-style indoor retail center in San Jacinto, CA. The firm’s Greg Bedell and Mike Lin represented both parties in the transaction.

The 43-year-old property’s western-themed architecture pays tribute to San Jacinto’s ranching roots, but Farmer’s Corner has been challenged in the current economy, with a vacancy rate of about 40%.  The buyer plans to update the property, replace the roof and implement an aggressive marketing effort to lease-up the vacancy.

“Due to the high vacancy and significant deferred maintenance, this was a challenging transaction. Fortunately, we were able to identify a buyer that appreciated the opportunity to invest in a property with significant upside potential,” said Bedell. “We worked diligently with the seller, buyer and lender to structure a transaction that fulfilled the objectives of all parties involved.”