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    "Tremendous" Momentum, Potential in San Bernardino County Retail
    May 5, 2015

    GlobeSt.com

    by: Geoffery Metz 

    RANCHO CUCAMONGA, CA—As GlobeSt.com recently reported, it's no secret that San Bernardino County is firing on all cylinders economically, creating an environment ripe for more retail development. One firm capitalizing on that strength has been locally based Progressive Real Estate Partners. GlobeSt.com met up with Brad Umansky, president of the local boutique retail brokerage, to get his EXCLUSIVE take on the retail outlook for the county.

    GlobeSt.com: Progressive Real Estate Partners is leasing Colonies Crossroads in Upland, can you give me a snapshot of this property?

    Brad Umansky: Colonies Crossroads is a successful outdoor shopping destination in San Bernardino County. The freeway-adjacent 1.1 million square foot center has more than 75 stores including Target, ULTA, Dicks Sporting Goods, Bed Bath & Beyond, Nordstrom Rack, Haggen Supermarket, Toys R Us, BevMo, TJ Maxx, Panera Bread, Chipotle, The Habit, Pieology and many other great retail, service and dining concepts. The parking lots are packed with shoppers from San Dimas to Fontana that are enjoying the amenities of this project.

    GlobeSt.com: What new tenants have come to Colonies Crossroads recently, and who will be opening their doors soon?

    Umansky: Colonies Crossroads is thriving and is currently 99% leased further demonstrating the center’s success. Popular dining concepts Oggi's Pizza & Brewing Company and California Fish & Grill are both under construction and expected to open later this year. Chili’s Bar & Grill, Charles Schwab and Ikon Salon have recently opened. Which Wich Superior Sandwiches just opened their first Inland Empire location at the center and they’re experiencing lines out the door.

    GlobeSt.com: How do you see the retail sector faring over the next 12 months in the County? Why?

    Umansky: The retail sector in the County has gained a lot of momentum and is well positioned to continue to improve. Job growth is expected to exceed 50,000 jobs this year, making it the first time in the history of the Inland Empire to have growth of more than 50,000 jobs three years in a row. Jobs, rising housing prices, low interest rates and increased consumer confidence should lead to increased sales for existing retailers and attract new retailers looking to open stores and get in on the action.

    GlobeSt.com: How is the County being affected by more global economic issues such as falling oil prices and the increase in the value of the dollar?

    Umansky: The County should be a net beneficiary of falling oil prices. Lower gas prices puts money back in the resident’s pockets which acts like a tax cut and a confidence booster. Also, the rise in the value of the dollar is resulting in an increase in imports. San Bernardino County is a major hub for import goods distribution from Asia and South America. As a result, the industrial sector is thriving and helping drive new job creation.

    GlobeSt.com: Why should retailers locate and invest in the County?

    Umansky: This region is the future of California. It is the region for jobs, new housing, educational opportunities, transportation growth, and opportunity. The market has tremendous potential and momentum that is being inspired by the civic and business leadership who will continue to proactively support business growth and a quality lifestyle.
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