Updated Dec 4, 2024
CIM Group Leases Space To Main Event Entertainment At Montclair Place In California's Inland Empire
5060 North Montclair Plaza Lane
Building Size
51,802 SF
Asset Type
Retail
Closing
Oct 24, 2023
About this deal
AI
CIM Group, represented by Shaul Kuba, has leased space to Main Event Entertainment at Montclair Place in California's Inland Empire. The retail property, located at 5060 North Montclair Plaza Lane, has a total area of 51,802 square feet. This long-term lease agreement signifies Main Event Entertainment's entry into Southern California and demonstrates positive momentum in the local retail market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 5060 North Montclair Plaza Lane
- Market: Montclair
- Landlord: CIM Group (represented by Shaul Kuba)
- Tenant: Main Event Entertainment (represented by Chris Morris)
Main Event Entertainment, led by Chris Morris, will be operating the family entertainment center within the leased space. This new addition is expected to open in 2025, offering a range of entertainment options for the community. Despite a year-over-year decline in leasing activity, this transaction highlights the confidence in the local retail market and the potential it holds for Main Event Entertainment's growth in Southern California.
Players
Montclair Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93