January 26, 2017
Progressive Real Estate Partners completed the sale of Shoppes @ Balsa 62, a 6,518-square-foot, multi-tenant retail pad building located in Yucca Valley, CA. The property sold for $2.55 million, or $391 per-square-foot, in a 1031 exchange transaction.
The building is a pad at Yucca Valley’s dominant 212,000 square foot community shopping center, anchored by Stater Bros., JC Penney, 99 Cents Only, Dollar Tree and Harbor Freight Tools.
Progressive’s Greg Bedell, and Victor Buendia exclusively marketed the property and represented both the seller, an unnamed Nevada-based private investor, as well as the buyer, an undisclosed Northern California-based private investor.
Progressive also represented the seller in the lease-up of the building to retailers Verizon Wireless, GameStop and Metro PCS. Formerly a Hollywood Video, the building was completely remodeled and reconfigured in 2010 to accommodate multiple retailers.
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