August 25, 2016
Connect Inland Empire returns for its second year! Register today to join us at the Cal Aero Aviation Country Club in Chino Hills on October 6, 2016.
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.”
For comments, questions or concerns, please contact Dennis Kaiser