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HesperiaStar.com
  • Kmart building in Hesperia sold for $5.25 million

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  • HESPERIA — A large retail building that is home to a Kmart store in the Midtown Square Shopping Center on Main Street has changed hands.
    On Tuesday, Progressive Real Estate Partners announced the sale of the 66,389-square-foot retail building in an all-cash transaction for $5.25 million.
    The single-tenant building is located in the same shopping center with a Stater Bros. grocery store, Orchard Supply Hardware and Sizzler restaurant.
    Built in 1987, Midtown Square Shopping Center is the dominant neighborhood shopping center in the trade area and Kmart is one of the original anchors of the center.
    The Progressive Real Estate Partners team of Brad Umansky and Frank Vora marketed the property and represented the seller, which was the Burokas Family Trust. The buyer, a private California-based real estate investment company, was represented by David Chasin at Pegasus Investments.
    “This building represented a unique opportunity for the buyer to complete a 1031 exchange while acquiring an anchor space at substantially below replacement cost in the best neighborhood center in the trade area,” said Umansky, founder and president of Progressive Real Estate Partners, in an email.
    Progressive Real Estate Partners is a boutique commercial brokerage firm headquartered in Rancho Cucamonga. Founded in 2009, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire and San Gabriel Valley regions. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network.   
    Since the firm’s inception, Progressive has completed over 400 lease and sales transactions in over 35 cities throughout the two regions.
     For further information visit www.progressiverep.com.
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