A 162,000-square-foot shopping center in Rancho Mirage has been sold. Rancho Las Palmas, which sits on 15 acres at at 42240-42540 Bob Hope Drive, was sold recently for an undisclosed sum, according to a statement. DRA Advisors, a New York-based real estate investment company, and Paragon Commercial Group, a retail …
Read More »San Bernardino industrial property sold
A 340,000-square-foot industrial facility in San Bernardino has been sold. Dallas-based Dalfen Industrial bought the project at 4982 Hallmark Parkway from Bixby Land Co. in Newport Beach, according to a statement. Cost of the transaction was not disclosed. JLL represented both parties in the negotiations. The warehouse-distribution facility is fully …
Read More »Progressive negotiates LA retail sale
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 …
Read More »Industrial project underway in Riverside
Construction has begun on a 613,000-square-foot industrial project in Riverside. Sycamore Hills Distribution Center is being built on 34 acres along Alessandro Boulevard and Barton Street, just west of Interstate 215’s Alessandro Boulevard on/off ramp, according to a statement. The Rockefeller Group is developing the $87.2 million project, which will …
Read More »Apartment complex sells for $7.7 million
A 34-unit apartment complex in Riverside has been sold for $7.7 million. The Potomac Apartments generated multiple offers and sold for $227,941 per unit, according to CBRE. The complex in the 7400 block of Potomac Street is about a mile and a half from California Baptist University. It has studio, …
Read More »State housing market loses momentum
California’s housing market slowed in March, as the state recorded its first year-over-year drop in sales in three months. Sales of existing single-family homes totaled 267,470 last month, down 7.8 percent from February and down 4.4 percent compared with March 2023, according to the California Association of Realtors. Those figures …
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