IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners announced today that William B. Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners represented the seller, and Eric Treibatch of Ophir Management Services represented the buyer in the sale of a 24 Hour Fitness, Dollar General anchored shopping center in Montclair, Calif. The purchase price was $15,888,000.
Located at 9710-9886 Central Avenue in Montclair, the Montclair Town Center is a 96,989-square-feet shopping center comprising 27 tenants situated on 9.67 acres. Built in 1980 and remodeled in various phases over the past 7 years, the center includes tenants such as: 24 Hour Fitness, Dollar General, Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. The center was 80% occupied at the time of sale.
“Demand remains high for value-add retail investments in southern California,” said William B. Asher, managing director at Hanley Investment Group. “We had a significant group of prospective buyers formally offer and closely evaluate Montclair Town Center prior to securing a 1031 exchange buyer who had a history of owning and purchasing similar type assets of this size and scope. At 80% occupancy, the property provided the buyer with excellent upside potential to increase cash flow in the future.”
Frank Vora, an investment specialist at Progressive Real Estate Partners noted, “The value-add component attracted a tremendous amount of interest from the retail investment community where overall supply has continued to remain tight.”
The buyer was Montclair-ET, LLC from Encino, Calif. The seller was Montclair Town Center, LLC based in Rancho Cucamonga, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
About Progressive Real Estate Partners
Progressive Real Estate Partners is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2009, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire and San Gabriel Valley regions. Since the firm’s inception Progressive has completed over 300 lease and sales transactions in over 35 cities throughout the two regions. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Anne Monaghan / Monaghan Communications
Email:Send Email
Phone: (949) 585-7610
City: Irvine
State: California
Country: United States
Website: http://www.hanleyinvestment.com
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