IE Business Daily Business news for the Inland Empire.
A three-building commercial center in Yucaipa has been sold for $7 million.
The Tower Plaza Commercial Center, a 39,422-square-foot facility at 34590–34664 County Line Road, was sold by one Inland Empire investor to another Inland Empire investor, according to Progressive Real Estate Partners in Rancho Cucamonga.
Both parties wished to remain anonymous. Progressive represented the seller, while REMAX Redlands represented the buyer.
“A decade ago, a $7 million local-to-local trade of this size would have been exceptionally rare,” said Greg Bedell, Progressive’s senior vice president of invest sales, in a statement. “Today, it underscores how wealth creation within the greater Inland Empire is fueling sustained retail investment and ownership.”
Built in 1995, Tower Plaza Commercial is fully occupied. Its 27 businesses include food, healthcare, beauty, finance, office and retail, and units range from 240 to 2,200 square feet.
More than 92,000 people, with an average annual household income of more than $122,000, live within a five-mile radius of Tower Plaza Commercial, according to Progressive.
