IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners in Rancho Cucamonga has negotiated the sale of a Los Angeles strip mall.
The 7-11-anchored facility at 728 W. Vernon Ave. sold for $3.5 million in an all-cash transaction, according to Progressive.
The buyer and seller were both private investors in Los Angeles County whose names were not released. Progressive represented both parties in the negotiations, which took about two and a half months to complete.
Built in 2000, the facility covers 6,300 square feet at Vernon Avenue and Hoover Street near Interstate 110, a major north-south freeway through downtown Los Angeles.
More than 300,000 vehicles use that freeway on a typical day, and more 66,000 people live within a one-mile radius of the strip mall, according to Progressive.
