1031 Exchange Investor Spends $16 Mil on Montclair Retail Asset
A 97k sf shopping center in Montclair was acquired by a 1031 exchange buyer for $15.9 mil ($164/sf). The property is situated on just under 10 acres at 9710-9886 Central Ave, south of I-10.
Built in 1980 and remodeled in various phases over the past seven years, the property contains a total of 27 tenants and is anchored by 24 Hour Fitness and Dollar General. Other tenants include Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. The center was 80% occupied at the time of sale.
William B. Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners represented the seller, Montclair Town Center LLC, based in Rancho Cucamonga. The buyer, Encino-based Montclair-ET LLC, was repped by Eric Treibatch of Ophir Management Services.
“Demand remains high for value-add retail investments in southern California,” said Asher, managing director at Hanley Investment Group. “We had a significant group of prospective buyers formally offer and closely evaluate Montclair Town Center prior to securing a 1031 exchange buyer who had a history of owning and purchasing similar type assets of this size and scope. At 80% occupancy, the property provided the buyer with excellent upside potential to increase cash flow in the future.”