IE Business Daily Business news for the Inland Empire.
A neighborhood retail center in Montclair that is home to one of the region’s best-known independent record stores has been sold.
The facility at 5458-5484 Moreno St. near Montclair Place recently changed hands for $5.6 million, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the buyer and the seller in the transaction, both of whom are private investors in Los Angeles. Both wished to remain anonymous.
Rhino Records, which sells new and used LPs, CDs, and movies, moved to the retail center four years ago after spending nearly 50 years in Claremont. Art’s Sideshow, a walk-through attraction that featured memorabilia from horror movies, closed recently.
The facility remains nearly 90 percent leased, according to Progressive.
“This investment was about the quality of the real estate, the basis and the underlying economics.,” said Gerg Bedell, senior vice president and managing director with Progressive, in the statement “At roughly $200 per square foot and with rents substantially below market, the property offered a risk-adjusted opportunity despite its primarily local tenant roster.”
