Progressive Real Estate Partners and Hanley Investment Group are Exclusively Marketing the Property
RANCHO CUCAMONGA, Calif. – (RealEstateRama) — Progressive Real Estate Partners and Hanley Investment Group announced today the for-sale listing of Thomas Winery Plaza, a 99,808-square-foot historic landmark shopping center for $28.6 million ($287 psf). The center is located at the northeast corner of Foothill Blvd. (Historic Route 66) and Vineyard Avenue in Rancho Cucamonga, Calif., and is the site of California’s oldest winery established in 1839.
Investment sales experts Brad Umansky and Frank Vora from Progressive Real Estate Partners and Bill Asher of Hanley Investment Group are exclusively marketing the property on behalf of a private real estate partnership.
Thomas Winery Plaza was built in 1989 and underwent a substantial renovation in 2008 including major architectural facade renovations, common area enhancements and the addition of architectural elements to memorialize the property’s history located along historic Route 66 which is the region’s major east/west retail corridor. The actual historical Thomas Winery building was repurposed to accommodate retail uses when the shopping center was built in 1989.
The property is over 90% occupied and features a diverse mix of more than 30 national and regional/local retailers with an emphasis on health, beauty and restaurant users. Retailers include CVS/pharmacy, Fitness 19, Souplantation, The Flame Broiler, Klatch Coffee, Wine Tailor and Elements Massage. According to Brad Umansky, president of Progressive Real Estate Partners, “Thomas Winery Plaza is a perfect example of how our leasing team created value by completing 17 leases representing over 55% of the square footage of the center which has led to substantial value creation for the ownership. We are very pleased to now offer this property with a great tenant mix to the marketplace.”
Executive Vice President Bill Asher of Hanley Investment Group added, “Thomas Winery Plaza presents an excellent opportunity for a potential buyer to own a high quality shopping center in Southern California’s Inland Empire region AND a piece of California history. This offering is also unique in that the potential buyer will be able to control 100% of the entire center and will benefit from not having adjacent property owners that share authority over the center.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire market. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 500 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. PREP is led by Brad Umansky, founder and president. For further information, visit www.progressiverep.com
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestmentgroup.com