April 5, 2016
Rancho Cucamonga-based Progressive Real Estate Partners brokered the sale of Bluffs Crossing, a 6,167-square-foot multi-tenant retail center in Colton, CA for $1.9 million at a cap rate of 5.1 percent.
The 1031 exchange transaction involves a center ideally located at 1231 E. Washington St., directly adjacent to the I-215 freeway. Built in 2007, Bluffs Crossing is conveniently located in the retail hub of Colton and is home to a mix of food and service users.
Progressive’s Greg Bedell exclusively marketed the property and represented the seller, a private investor based in Sherman Oaks, CA. Fred Furey, an independent Huntington Beach based broker, represented the buyer, a private investor based in Chino Hills, CA.