Longpoint has acquired Cardenas Marketplace, a shopping center in Montclair, California, for $22.7 million.
Completed in 2020, Cardenas Marketplace is 91 percent occupied and anchored by Cardenas Market, a specialty grocer providing Hispanic fare, with other notable tenants including AT&T and Wendy's.
The Marketplace is located in the City of Montclair at the intersection of Central Avenue and Holt Boulevard, which serves as the primary retail corridor in the city and sees approximately 22,000 cars per day.
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This transaction marks the eighth acquisition for Longpoint's recently closed Specialty Grocer Fund I. The firm plans to continue to expand its specialty grocery-anchored portfolio on the West Coast and in other key markets including Texas and Florida.
Alan Krueger, Vanessa Haddad and Masih Waliyar from CBRE represented the buyer in the transaction.
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