Bank of America

Progressive, Newmark Broker $6.2 Million Sale of Bank of America-Occupied Property in Southern California

by Julia Sanders

Rancho Cucamonga, Calif. — Progressive Real Estate Partners and Newmark have brokered the sale of a 9,195-square-foot single-tenant retail property triple-net-leased to Bank of America in Rancho Cucamonga. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark co-listed the property and represented the seller, WM Capital. Bill Allen of Marcus & Millichap represented the buyer, a private Northern California-based investor, who purchased the property for $6.2 million in an all cash 1031 exchange transaction. The property features a drive-thru and is situated within Country Village, a Stater Bros.-anchored shopping center at the intersection of Baseline Road and Carnelian Avenue.

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