Monday, March 30th, 2020 — In the midst of the coronavirus, commercial real estate sales are moving forward.
Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a fully built-out restaurant located at 9405 Monte Vista Avenue in Montclair, California for $2,150,000. The 7,423 square-foot building was previously home to an Acapulco Mexican restaurant that closed in late 2018. The building is within the Montclair Entertainment Plaza which is directly adjacent to the 1.2M square-foot newly renovated Montclair Place regional mall which is anchored by Nordstrom, Macy’s, JC Penney, Barnes & Noble and an AMC 12-screen theater (opening soon).
Progressive Real Estate Partners Senior Retail Specialist Albert Lopez and VP of Retail Leasing and Sales Paul Su exclusively marketed the property and represented the seller, a private LA-County based investor. The buyer, Asahi One Spot, Inc. was represented by Robert Chay with Realty One Group. The buyer has considerable restaurant experience having previously owned and operated three other Inland Empire Sushi restaurants.
The restaurant is part of the Montclair Entertainment Plaza with visibility to over 246,000 cars per day on the heavily traveled I-10 freeway. The center is also home to several other restaurants including Buffalo Wild Wings, Black Angus, Chili’s, Olive Garden, Red Lobster and Applebee’s. Built in 1981, the 7,423 square-foot restaurant includes a patio and plenty of parking and features prominent freeway monument signage. The buyer plans to renovate the property and open a Sushi restaurant, although neither a timeline nor specific plans have been released yet.
According to Lopez, “The prime location next to the Montclair Place regional mall combined with the strong restaurant co-tenancy and the incredible freeway visibility made the property highly desirable. We received multiple aggressive offers and the property sold within 30 days of going to market.” He added, “The buyer obtained their financing through an SBA Loan that closed amid the start of the current economic volatility further demonstrating the strength of the property and the buyer, as well as SBA’s support of small business.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,000 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. For further information visit www.progressiverep.com.