Another retail center in the Inland Empire has traded hands. According to public records, a 65,007 square foot property in Montclair sold for $22.7 million, or approximately $349 per square foot in a deal that closed on Feb. 24. The asset was sold by Los Angeles-based Pacific Properties Group to Longpoint Realty Partners.
The property is located at 5281 Holt Blvd. and consists of four buildings on 5.12 acres. Built in 2020, the property consists of a mix of retailers and is anchored by Cardenas Markets.
The buildings are situated south of Interstate 10. Montclair Place – a two-story shopping mall with retailers like Buffalo Wild Wings, Olive Garden, AMC and others – is also just north of the property.
Based in Boston, Longpoint Realty Partners is a private equity firm with properties located throughout the United States. According to the company’s website, Longpoint’s founding partners have invested $4 billion in commercial real estate in over 100 deals. The company has several properties located throughout the state of California, including an 84,321 square foot industrial asset in La Palma and a 36,407 square foot industrial building in North Hollywood.
The recent sale joins several others in the Inland Empire over the last couple of months. In one recent sale, Foothill Village Plaza, an 87,650 square foot shopping center in Rancho Cucamonga, sold for $24.3 million, or approximately $277 per square foot. Public records show that the property was acquired by Top Property Group, an entity linked to Hilda and Frank Zeng. The buyer was Foothill Village LLC, an entity linked to Gregg Nelson of Trumark Group of Companies. The property is located at 9309 Foothill Boulevard and is home to a large mix of both national and regional tenants, with retailers including Chuck E. Cheese, NAPA Auto Parts, Edible Arrangements and Waba Grill.
