Picture by Eduardo Soares through Unspalsh.com
Longpoint has bought Cardenas Market, a 66,006-square-foot procuring heart in Montclair, Calif., in San Bernardino County. CBRE represented the vendor within the $22.7 million transaction. CommercialEdge reveals Pacific Properties Group because the earlier proprietor.
Accomplished in 2020, the Inland Empire heart encompasses 4 buildings unfold throughout a 5-acre web site. The procuring heart is anchored by Cardenas Market, with different tenants on the property together with Wendy’s and AT&T. The middle was 91 % leased on the time of the sale.
The grocery-anchored retail property is positioned within the Ontario-Chino submarket. The neighborhood heart is located on the intersection of Central Avenue and Holt Boulevard, in an space the place the day by day site visitors rely reaches roughly 22,000 autos, in response to Longpoint. Cardenas Market serves a inhabitants of 215,369 residents inside a 3-mile radius, the identical supply reveals.
Senior Associates Vanessa Haddad and Masih Waliyar and Senior Vice President Alan Krueger led the CBRE staff engaged on behalf of the vendor.
Cardenas Market represents Longpoint’s eighth acquisition for its just lately closed Specialty Grocer Fund I. The agency accomplished the ultimate closing of the funding automobile this month, with $225 million in commitments.
