Ben Bridge Jewelers Outparcel to Victoria Gardens

Investment Overview

Progressive Real Estate Partners is pleased to present the opportunity to acquire the Ben Bridge Jewelers at Victoria Gardens in Rancho Cucamonga, California. The Property is an irreplaceable retail pad to the nation’s 5th busiest open-air lifestyle center, attracting more than 14 million annual visitors, and is leased to Ben Bridge Jewelers, a brand with more than 110 years of operating history. Ben Bridge has demonstrated significant investment and commitment to the location, completing a ±$3 million renovation in 2023 that includes a purpose-built Rolex showroom. The store generated approximately $12 million (±$2,000/SF) in T-12 sales as of July 2026, resulting in a highly favorable 3.25% rent-to-sales ratio. The lease features 2% annual rent increases and percentage rent, providing contractual income growth and additional upside tied to store performance. The advertised $389,512 NOI and 5.25% cap rate are based exclusively on minimum base rent, with no value attributed to the lease’s percentage rent provision, providing investors with additional income potential above the advertised yield.

Investment Highlights

• $12 Million in T-12 Store Sales (±$2,000/SF) – Ben Bridge generated approximately $2,000/SF ($12 million) in store sales during the trailing twelve months (T-12) as of July 2026, demonstrating strong store performance and a highly favorable 3.25% rent-to-sales trailing ratio.
• Percentage Rent Provides Additional Upside – In addition to minimum rent, the lease includes a 4% percentage rent provision on Net Sales above an annual sales base (±$6.5 million as of October 2026), providing additional income tied to store performance. The advertised 5.25% yield is based upon minimum base rent and does not include additional income from percentage rent.
• ±$3 Million Interior Investment – Ben Bridge completed an extensive renovation of the premises in 2023, reflecting significant tenant investment and long-term commitment to the location (see interior images on page 11).
• Official Rolex Retailer | Dedicated Showroom – Ben Bridge at Victoria Gardens is an Official Rolex Retailer and one of just ±15 authorized Rolex retail locations across Southern California. The location features a purpose-built Rolex showroom as part of Ben Bridge’s extensive investment in the premises and is authorized to sell new Rolex timepieces and provide access to Rolex servicing.
• 2% Annual Rent Increases – Contractual 2% annual rent increases provide predictable income growth throughout the remaining primary lease term while helping offset the effects of inflation.
• 110+ Years of Operating History – Founded in 1912, Ben Bridge has built more than a century of brand recognition and an established reputation within the fine jewelry and luxury watch industry.
• Berkshire Hathaway Subsidiary – Acquired by Berkshire Hathaway in 2000, Ben Bridge has benefited from 25+ years of stable institutional ownership, providing organizational strength and credibility.
• Destination-Oriented Luxury Customer Base – Ben Bridge’s established reputation in fine jewelry and luxury watches, premium store experience and Rancho Cucamonga’s favorable sales tax environment attract high-value luxury customers from across Southern California.
• Sales Tax Advantage for Luxury Purchases – Rancho Cucamonga’s 7.75% sales tax rate offers meaningful savings on high-value purchases compared to Los Angeles (9.75%), Beverly Hills (9.75%) and Pasadena (10.50%).
• ±7 Years of Primary Lease Term Remaining – Approximately seven years of remaining lease term provides investors with a predictable income stream backed by Ben Bridge and stable cash flow through the remaining primary term.
• Outparcel to Victoria Gardens – The Property is an irreplaceable standalone retail pad at Victoria Gardens, a ±1.2 million SF open-air super-regional lifestyle center featuring approximately 160 retailers and restaurants, including Chanel, Apple, Pottery Barn, Zara, Anthropologie, Williams-Sonoma, Free People, The Cheesecake Factory, Mendocino Farms, Fleming’s Steakhouse, Sweetgreen and more.
• 14+ Million Annual Visitors at Victoria Gardens – Premier regional shopping and entertainment destination and the 5th busiest open-air lifestyle center in the nation, attracting more than 14 million annual visitors (Placer.ai).
• Signalized Day Creek Boulevard Frontage – The Property fronts the signalized intersection of Day Creek Boulevard and Victoria Gardens Lane, adjacent to Foothill Boulevard (Historic Route 66), which carries approximately 65,000 cars per day.
• Immediate I-15 Freeway Access | ±194,260 CPD – Positioned near the Foothill Boulevard exit of Interstate 15, offering convenient regional access along one of Southern California’s major transportation corridors.
• Dense National Retail Corridor – Surrounded by a concentration of national retailers and restaurants including Walmart, Best Buy, REI, Chick-fil-A, In-N-Out, Panda Express, Fogo de Chão, LongHorn Steakhouse, Total Wine & More, BevMo!, Starbucks and more.