The Inland Empire’s retail market is continuing to bounce back, with data showing relatively strong demand over the last several quarters. To test the strength of the market, investors are placing shopping centers up for sale. One property to recently be placed up for sale is the Montclair East Shopping Center. A listing for the property from Alliance Investment Real Estate Group’s Ruben and Daniel Khorsandi shows that the 135,980 square foot shopping center is offered at $27.9 million, or about $204 per square foot.
The center is located at 5391-5467 Moreno St. in Montclair and is currently owned by Moreno Plaza LLC, an entity linked to Nady Hebish of Long Beach. Situated on more than 9.5 acres, the retail center was built in 1993 and also includes 515 parking spaces. The property also provides an assumable loan at approximately $14 million with 5.1 percent interest only.
The property is also fully occupied with a mix of national tenants, including Ross Dress for Less, Best Buy, Dollar Tree, Five Below and several others. On average, the remaining lease term for current tenants is eight years, with many having a long history at the site, according to the listing.
The shopping center is situated just north of Interstate 10 and surrounded by various retail properties, including Montclair Place, an indoor mall with retailers like Sephora, AMC, Macy’s and others. The area is also home to a large population with a traffic count of approximately 250,000 vehicles per day.
Similar properties in Montclair have traded in recent months. In one transaction, a 65,007 square foot retail asset anchored by Cardenas Market in Montclair sold for $22.7 million, or approximately $349 per square foot. The property was sold by Los Angeles-based Pacific Properties Group to Longpoint Realty Partners and is located at 5281 Holt Blvd.
