Montclair, CA – October 2017, Centers Business Management (CBM) completes sales transaction with Team HB & Son, LLC on single tenant retail property.
CBM retail specialist, Jason Ehrenpreis, recently completed a sales transaction, representing the seller, Westwood Financial Corporation (WFC), in the sale of a 5,293 SQFT freestanding retail building in prime Montclair, CA. The site is situated at the intersection of Holt Boulevard and Central Avenue amid a thriving retail district. Former a WSS (formerly known as Warehouse Shoe Sale), the property sold for a reported $1,850,000.
The buyer, HB and Son, LLC purchased the property to accommodate the company’s expanding retail clothing and shoe enterprise, a well-established area business with several highly successful locations. The company plans to expand further in the San Gabriel Valley and Inland Empire.
The seller, Westwood Financial Corporation, is a West Los Angeles-based real estate investment firm. The company focuses on grocery-anchored shopping centers, and maintains a portfolio of 115 retail properties, totaling more than 10 million SQFT, in 26 markets across the country.
“$1,850,000 for a 5,293 SQFT building averages out to roughly $350 per foot,” retail specialist, Jason Ehrenpreis, says of the high dollar sale, “Which is an exceptionally high price per square foot for a vacant single tenant property in this market. In fact, it’s nearly double any current comps,” Ehrenpreis adds. “And the former tenant, WSS, relocated to a new center just down the street in a unit that’s nearly three times larger,” Ehrenpreis notes, indicating the former tenant’s departure, motivated by a need for additional space, is a clear sign of Montclair’s steadily strengthening retail market, a growing trend seen in surrounding areas as well.
“It’s no secret commercial real estate sales and leasing took a huge dip throughout the Inland Empire amidst the Great Recession,” says CBM President, Rick Rivera. “But recent sales, Jason’s being a prime example, are unmistakable evidence that this region has not only rebounded, but is again attracting active property investors,” Rivera adds in praise of the Inland Empires continued improvement in the retail property sector.
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | firstname.lastname@example.org.