Rancho Cucamonga, CA-based Progressive Real Estate Partners and Dallas-based SRS Real Estate Partners sold a 127,000 square-foot building for just north of $4 million in an all cash transaction. The former Walmart property in Perris, CA is within the 292,000 square-foot Spectrum Shopping Center.
The buyer was an undisclosed private California investor, while the seller was a Santa Monica–based private investment firm.
Marcus & Millichap’s Drew Wetherholt represented the buyer. Progressive Real Estate Partners’ Greg Bedell and Paul Galmarini, along with SRS Real Estate Partners’ Townsend Cropsey, represented the seller.
Bedell says significant pre-leasing interest increased investor demand in a market with limited new ground-up construction. “As a result, we were able to sell the property at a price that was 22% more than what our client had paid for it approximately 6 months prior.”