- By PREP on May 12, 2019
Rancho Cucamonga, CA – May 13, 2019 – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the sale of the Corona Freeway Center located at 2410 Wardlow Road in Corona, California for $11M in an all-cash transaction. The well-established multi-tenant center is directly adjacent to the 91 Freeway with nearly 700 feet of frontage that exposes the property to about 263,500 vehicles daily.
Progressive Real Estate Partners Senior Vice President Frank Vora exclusively marketed the property and represented the seller, an Orange County-based private investor in the transaction. The buyer, Orange County-based PRES Companies, was represented by Greg Ozimec of Industrial Brokers.
Built in 1991, the 67,690 square foot center was recently renovated including a new roof, new HVAC, updated landscaping, painting and major renovations to the parking lot. Improvements also included the addition of a 60’ high digital freeway pylon sign that lists all of the tenants and also features a 400 square foot digital screen that is available for the tenants to use for advertising.
The center is home to a diverse mix of retail and service users including Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Furthermore, the property enjoys strong demos drawing customers from northern Orange County and western Riverside County with an average household income of more than $106,000.
The listing also presented an excellent value-add opportunity. As a result of a multi-year Caltrans freeway project that limited accessibility nearly 70% of the leases were below the market rate. With the construction completed a strong upside potential exists thru increasing rents allowing for a significant increase in the net operating income.
“The irreplaceable freeway exposure, prime west Corona location and upside potential generated strong investor interest,” according to Vora. He added, “Hence, we were able to sell the property at 97% of the asking price further demonstrating the excellent investment fundamentals and demand for commercial real estate in SoCal’s Inland Empire.”
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 1000 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.