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12/30/15
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A San Clemente-based private investor acquired a 100% leased, 4.9k sf pad building at the Montclair Promenade retail center in Montclair. The property sold for $2.45 mil ($503/sf) in a 1031 exchange transaction.
Located at 9015 Central Ave, west of Euclid Ave and just north of I-10, the center is surrounded by over 2 msf of retail space including Montclair Plaza, a 1.3 msf regional center anchored by Nordstrom, Macys and JC Penney.
The fully leased pad building was built in 1983 and features national and regional tenants Starbucks, Subway, GameStop and Waba Grill (opening soon). The pad is part of the 111k sf Montclair Promenade that is also home to Tools R Us, Sleep Train, Friar Tux Shop, Paradise Buffet and Super Cuts.
Other neighboring retailers include Target, Best Buy, Petco, Sports Authority and Pier 1 Imports. The center is less than a ¼ mile from the heavily-traveled I-10 freeway and is located at a busy signalized corner with a traffic count of 35,000 cars per day.
Greg Bedell of Progressive Real Estate Partners represented the buyer in the deal. The seller was a private investor based in Montebello.
According to Bedell, “The pad building’s superior location and 100% occupancy with credit tenants was very attractive to the buyer and the seller was able to achieve their goal of closing before year-end. This sale is another good representation of the increased demand we are seeing from our clients to acquire well-located, high profile retail assets in Southern California’s Inland Empire market.”
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