February 16, 2017
The City of Ontario, CA acquired a 64,000-square-foot retail property in downtown Ontario from a private New York-based investor for $3.2 million. Occupying nearly a full city block at 404-426 N. Euclid Ave., the 62%-leased asset represents a rare value-added opportunity to reposition the 1960s-era property as a more modern and efficient development.
Progressive Real Estate Partners’ Frank Vora, Mike Lin and Pablo Velasco exclusively marketed the property, and represented the unnamed seller. Progressive’s Paul Galmarini advised the buyer in an all-cash transaction.
“The prominent downtown location was extremely attractive to the City of Ontario, as it relates to their master-plan for the area,” Vora said. “The acquisition gives them the opportunity to work with a developer to reposition the property to reflect their overall vision for the Downtown area that includes a mix of retail and residential uses.”
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