Buyers Spend $10M For Retail

MONTCLAIR, CA-Montclair Development LLC of Irvine has purchased a 57,000-sf retail center here for $9 million, and an individual investor has acquired an 8,200-sf retail property for $1.3 million in separate transactions, according to brokers from Grubb & Ellis and Faris Lee Investments.

In the Montclair transaction, the buyer acquired the Montclair Entertainment Plaza, which is located on the northeast corner of the I-10 Freeway and Monte Vista, adjacent to the Montclair Plaza Mall. Tenants in the center, which is 100% leased, include Bally’s Total Fitness, Red Lobster, Acapulco, Black Angus and Crescent City Creole. The property was sold by Kam Holdings of Los Angeles. Jim Auther and Tim McMahon of the Newport Beach office of Grubb & Ellis represented the buyer and the seller.

In the Inglewood sale, an individual private investor bough an 8,200-sf retail center at 11217-11225 Crenshaw Blvd. from the Selcer Family Trust in a 1031 exchange. Dennis Vaccaro of Faris Lee represented the seller. James Paik of Commercial Network Group represented the buyer.