Los Angeles Buyer Acquires 28,000-SF Retail Center In Montclair For $5.6M

A Los Angeles-based buyer acquired a multi-tenant retail center located at 5458-5484 Moreno Street in Montclair, California. The property spans 28,000 square feet and was purchased for $5.6 million, translating to approximately $200 per square foot. The retail center was 89% leased to eight local tenants, attracting investors due to below-market rents and strong trade-area fundamentals.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,600,000
• Square Footage: 28,000
• Price Per Square Foot: $200
• Market: Montclair, CA
• Broker: Greg Bedell - Progressive Real Estate Partners

The transaction was facilitated by Greg Bedell, who represented the buyer in the deal. The investment appeal was highlighted by the potential for future net operating income growth, making it an attractive opportunity for investors in the region.