Patrick Kent of Faris Lee represented seller, with the buyer represented by Shaun Riley of Faris Lee. Kent describes the deal as "a complex transaction" because the existing loan required a 50% down payment, which "was not suitable for the buyer," Kent says. To meet the buyer's requirements, Faris Lee arranged for defeasance on the existing debt and also for a 75% loan to the purchase price. The finance structure enables the buyer to realize a higher cash-on-cash return, according to Kent, who points out that the transaction also needed to close within 45 days to meet the buyer's deadline.
Built in 1993 and located on nearly 9.6 acres, the Montclair East center is 97% leased. About 75% of the center is occupied by credit tenants including Office Depot, Sportmart, Ross, David's Bridal, Styles for Less and Household Finance. The center is close to the Nordstrom-anchored Montclair Plaza Mall, which the City of Montclair reports as ranking in the top ten sales out of all the shopping malls in California.
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