April 21, 2017 Comments Off on 7-Eleven Anchored Center Completes 1031 Exchange Views: 410 California News, Inland Empire

7-Eleven Anchored Center Completes 1031 Exchange

Progressive Real Estate Partners (PREP) brokered the sale of a 7-Eleven anchored, multi-tenant retail center in San Bernardino, CA for $3.2 million. The all-cash, 1031 exchange transaction, along with the sale of a previously completed Yucaipa Plaza deal, fulfilled the replacement requirement of the exchange.

Located at 1935 S. Waterman Ave., on San Bernardino’s main commercial thoroughfare, the center is adjacent to the 153-acre master-planned Tri-City Corporate Center, and is surrounded by top name retailers, restaurants and hotels.

Built in 2012, the 4,208-square-foot center features a corporate-guaranteed 7-Eleven with 10 years remaining on the lease term, Chase ATM and a vacant shop space.

PREP’s Greg Bedell and Pablo Velasco represented the undisclosed buyer, a private Orange County, CA-based investor. Bedell and Velasco had also represented the buyer in the sale of Yucaipa Plaza.

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