September 14, 2016
CBRE Group, Inc. sold Montclair Shoppes, a new nearly 19,000-square-foot retail center in Montclair, CA to an unidentified West Los Angeles-based investor for $15.5 million. The transaction reflects a $820 per square foot price, and closed at a 5.5% capitalization rate.
The center’s 12 tenants include Sleep Number, AT&T, Tommy’s Hamburgers, as well as other food chains, and additional service providers.
CBRE’s Ken McLeod and Tim Kuruzar represented the seller, Bloomfield Hills, MI-based BOSC Realty Advisors. NGKF’s David Lachoff represented the buyer.
McLeod says, “Retail centers that house service providers that cannot be replicated online are very popular with investors. Properties such as Montclair Shoppes, that feature well-known chains along with service and daily- needs tenants, are very attractive as a great and safe yield alternative.”
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