GlobeSt.com exclusively learns that CIM Group is purchasing the property, which used to be owned by GGP.

MONTCLAIR, CA-GlobeSt.com has exclusively been told that Montclair Plaza, a 1.3-million-square-foot property is under contract for $170 million. The buyer is said to be CIM Group.

The property is located at 5060 Montclair Plaza Lane off of the Interstate 10 Freeway. The property originally opened in 1968 as a single-level regional center.

While GlobeSt.com can not disclose the industry source familiar with the deal that is providing this information to us exclusively, we can share that the servicer and seller is CW Capital.

The property was previously purchased by General Growth Properties of Chicago in 1999, and in 2008, the firm planned a big interior remodeling. At the time, the firm did not disclose a price tag for the Montclair Plaza renovations, which marked the first major upgrades to the mall in about 20 years.

The purchase price of the property in 1999 is not public information. However, GlobeSt.com learned that the keys went back to the lender in 2011.

The industry source tells GlobeSt.com that occupancy today on the property is 85%. The source also notes that the property is expected to sell for a 10% discount to the $190 million of debt outstanding at the time GGP handed back the keys.

CW Capital and CIM Group could not be reached by deadline.

GlobeSt.com will follow this story as more information becomes available.