IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners has completed the sale of a neighborhood retail center in Redlands.
The Grove, sold for $8 million to a private investment group that owns similar commercial properties in Riverside County, according to a statement on Progressive’s website.
Progressive represented the seller, who was from Los Angeles County, Buyer and seller wished to remain anonymous.
Built in two phases, in 1987 and 1980, The Grove is anchored by a Circle K.
It covers nearly 40,000 square feet at Orange Street and San Bernardino Avenue and is 80 percent occupied. The retail center is a short drive from Interstate 10, the Foothill Freeway and the University of Redlands.
More than 76,000 people who live within a three-mile radius of The Grove earn an average of $93,275 annually, and its tenants have an average occupancy of 11 years, according to the statement.
Progressive Real Estate Partners is a boutique commercial real estate brokerage in Rancho Cucamonga. It specializes in retail transactions in Riverside and San Bernardino counties.
