March 18, 2019
Progressive Real Estate Partners completed the sale of the Shops at Ramona Expressway, a 9,808-square-foot multi-tenant retail center in Perris, CA. Located at 780 Ramona Expressway, the property sold for $3.5 million or $352-per-square-foot in a 1031 exchange transaction.
The 100%-occupied center is located in one of the fastest-growing areas of SoCal’s Inland Empire. Built in 2007, the Shops at Ramona Expressway features high quality modern architecture, and is home to a strong mix of internet-resistant food and service retailers. The center benefits from its excellent location less than a ½ mile from the I-215 freeway.
The buyer was an unnamed private Monterey Park-based investor that was represented by REeBroker Group’s Shane Delaney. Progressive Real Estate Partners’ Greg Bedell exclusively marketed the property and advised the seller, an undisclosed private Riverside-based investor.
Bedell says, “We were able to produce 11 unique offers within a few short weeks of going to market.”
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