June 21, 2016
Rancho Cucamonga, CA-based Progressive Real Estate Partners completed the sale of a 17,324 square-foot multi-tenant auto park to a private Ontario, CA based investor for $2.025 million. The property sold at a cap rate of 5.65%, an historical low for an auto park in the trade area.
The Meineke-anchored property, located at 9199 Arrow Rt. in Rancho Cucamonga, CA. is 87% leased, and also home to AA Smog Center and Elite One Auto Collision Center. Built in 2005, the building features modern construction, ample parking with easy access and highly visible monument signage.
Progressive Real Estate Partners’ Frank Vora, CCIM represented the seller, a private investor based in Florida. The buyer was represented by Lee & Associates’ Barret Woods.