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2/11/22
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San Gabriel Valley-based private investor paid $3.9 mil for Village Mall at Big Bear, a 24.8k sf ($157/sf), multi-tenant retail center in Big Bear Lake, in an all-cash transaction.
Located at 40729 Village Drive, the 100% occupied center is located in one of Southern California’s busiest and most popular mountain destinations with nearly 100,000 daily visitors during peak seasons. Situated in the pedestrian-friendly Village shopping and eating district, the beautifully maintained center is leased to 13 businesses including specialty independent boutiques, a sandwich and bagel restaurant, fitness facility, beauty salon, and music store.
Greg Bedell, CCIM, and Roxy Klein with Progressive Real Estate Partners represented the seller, a private Inland Empire-based investor. The buyer was repped by Doreen Chen of Pinnacle Real Estate Group.
“The property’s excellent location in the heart of Big Bear Lake, diverse income stream and modest rents made the listing very attractive,” commented Klein. “Not only did the property go from listing to close in under 90 days, we were able to procure an all-cash buyer at 99% of the asking price.”
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