IE Business Daily Business news for the Inland Empire.
A shopping center anchored by a 24 Hour Fitness and a Dollar General store has been sold.
Montclair Town Center, which runs from 9710 to 9886 Central Avenue, sold for $15.8 million, according to a statement.
Montclair-ET LLC in Encino bought the property from Montclair Town Center LLC in Rancho Cucamonga.
The sale was announced Tuesday by Hanley Investment Group Real Estate Advisors, an Irvine-based brokerage firm that represented the seller in the negotiations.
Built in 1980, Montclair Town Center has 27 tenants, including Bank of America, Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. The shopping center has been remodeled seven times since it opened, according to the statement.
Demand for retail properties in Southern California remains high, said William B. Asher, managing director of Hanley Investment, in a statement.
Montclair Town Center was especially attractive to potential buyers because, being 80 percent leased, it has the potential to increase its cash flow, Asher said.
