Rancho Cucamonga, CA – December 30, 2024 – 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 9345 Monte Vista Avenue in Montclair, California for $2.5M. The 6,200 square-foot building was previously occupied by a Red Lobster restaurant that closed earlier this year.
Senior VP Paul Galmarini of Progressive Real Estate Partners and Executive VP Jereme Snyder of Colliers co-listed the property and represented the seller, a private San Gabriel Valley based investor. The local private party buyer whose family owns and operates a popular chain of SoCal sit-down Mexican restaurants was represented by Cristina Hsieh from Sperry SEGAI.
The restaurant is part of a center which is an outparcel to the 1.2M square-foot Montclair Place regional shopping center that is ideally situated next to the busy I-10 freeway with visibility to over 260,000 cars per day. A major shopping, dining and entertainment destination, Montclair Place and the adjacent property are home to Macy’s, JC Penney, Barnes & Noble, an AMC 12-screen theater, Canyon Theater, Main Event Entertainment Center (opening in 2025), Esporta Fitness, Black Angus, Lazy Dog, Olive Garden, Chili’s, Buffalo Wild Wings and a variety of other shops, services and dining spots.
Built in 1981, the 6,200 square-foot restaurant features a fully equipped kitchen and bar, plenty of parking and freeway monument signage. The buyer plans to renovate the property and open a sit-down restaurant although neither a timeline or specific plans for the concept have been released yet.
According to Galmarini, “The outstanding location next to Montclair Place coupled with the strong entertainment and restaurant co-tenancy as well as being freeway adjacent made the property an excellent owner/user investment opportunity”.
Snyder added, “Well located second-generation restaurant space continues to draw significant interest due to the time and cost savings advantages. We received multiple offers with the building selling within 120 days of going to market.”
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, San Gabriel Valley and Coachella Valley. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,650 lease and sales transactions valued at more than $1.8B in 35+ cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.