March 16, 2016
Rancho Cucamonga-based Progressive Real Estate Partners completed a 1031 exchange transaction involving Plaza De Majorca, a 38,872 square-foot shopping center in Moreno Valley. The fully-leased property sold for $5.83-million to a Gardena-based private investor.
Plaza De Majorca is anchored by Circle K and Farmer Boys, as part of a diverse mix of 16 local and regional shops and services. The well-established value-added center is located on the 60 freeway corridor at 12220 Pigeon Pass Rd., directly across from Home Depot and a high volume In-N-Out restaurant.
Progressive Real Estate Partners’ Greg Bedell, Paul Su and Brad Umansky represented the seller, Arcadia-based Continental Investment Group. The buyer was represented by Sonnocco Real Estate Group’s William Larson.