Longpoint Buys Inland Empire Retail Asset
Completed in 2020, the neighborhood center traded for $22.7 million.
Image by Eduardo Soares via Unspalsh.com
Longpoint has purchased Cardenas Marketplace, a 66,006-square-foot shopping center in Montclair, Calif., in San Bernardino County. CBRE represented the seller in the $22.7 million transaction. CommercialEdge shows Pacific Properties Group as the previous owner.
Completed in 2020, the Inland Empire center encompasses four buildings spread across a 5-acre site. The shopping center is anchored by Cardenas Market, with other tenants at the property including Wendy’s and AT&T. The center was 91 percent leased at the time of the sale.
The grocery-anchored retail property is located in the Ontario-Chino submarket. The neighborhood center is situated at the intersection of Central Avenue and Holt Boulevard, in an area where the daily traffic count reaches approximately 22,000 vehicles, according to Longpoint. Cardenas Marketplace serves a population of 215,369 residents within a 3-mile radius, the same source shows.
Senior Associates Vanessa Haddad and Masih Waliyar and Senior Vice President Alan Krueger led the CBRE team working on behalf of the seller.
Cardenas Marketplace represents Longpoint’s eighth acquisition for its recently closed Specialty Grocer Fund I. The firm completed the final closing of the investment vehicle this month, with $225 million in commitments.
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