California

San Bernardino, Calif. — Progressive Real Estate Partners has brokered the $4.9 million sale of a retail building located at 675 East Hospitality Lane in San Bernardino. Built in 1991 and totaling 20,020 square feet, the property is leased to Office Depot. The sale also included 81 parking spaces. Greg Bedell, Paul Galmarini and Paul Su of Progressive represented the seller, a private investor, in the transaction. Jason Alter of IPA Commercial Real Estate represented the buyer.

Lake Forest, Calif. — La Caze Development has sold Lake Forest Marketplace, a 111,212-square-foot shopping center located in Lake Forest, for $14.2 million. John Redfield of SRS Real Estate Partners’ Investment Property Group arranged the transaction on behalf of the seller. Jon Davis of SVN represented the buyer, a private investor. Situated on 10 acres, the property was fully occupied at the time of sale. Tenants include 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco and Dunkin’ Donuts.

Palmdale, Calif. — SRS Real Estate Partners has arranged the $5.4 million sale of a retail property located in Palmdale. A private investor acquired the 11,788-square-foot property, which was fully to six tenants including Jenny Craig and Verizon Wireless at the time of sale. The property comprises a portion of Palmdale Marketplace, a 450,000-square-foot retail center anchored by Target, Lowe’s Home Improvement and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented both the buyer and seller in the transaction.