August 25, 2016 Comments Off on Former Walmart Building Trades for $4M Views: 590 California News, Inland Empire, West

Former Walmart Building Trades for $4M

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Rancho Cucamonga, CA-based Progressive Real Estate Partners and Dallas-based SRS Real Estate Partners sold a 127,000 square-foot building for just north of $4 million in an all cash transaction. The former Walmart property in Perris, CA is within the 292,000 square-foot Spectrum Shopping Center.

The buyer was an undisclosed private California investor, while the seller was a Santa Monica–based private investment firm.

Marcus & Millichap’s Drew Wetherholt represented the buyer. Progressive Real Estate Partners’ Greg Bedell and Paul Galmarini, along with SRS Real Estate Partners’ Townsend Cropsey, represented the seller.

Bedell says significant pre-leasing interest increased investor demand in a market with limited new ground-up construction. “As a result, we were able to sell the property at a price that was 22% more than what our client had paid for it approximately 6 months prior.”

Read More at Progressive Real Estate Partners

Connect with Progressive Real Estate Partners’ Bedell

Connect with Marcus & Millichap’s Wetherholt

For comments, questions or concerns, please contact Dennis Kaiser

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