MONTCLAIR, CA-GlobeSt.com has exclusively been told that Montclair Plaza, a 1.3-million-square-foot property is under contract for $170 million. The buyer is said to be CIM Group.
The property is located at 5060 Montclair Plaza Lane off of the Interstate 10 Freeway. The property originally opened in 1968 as a single-level regional center.
While GlobeSt.com can not disclose the industry source familiar with the deal that is providing this information to us exclusively, we can share that the servicer and seller is CW Capital.
The property was previously purchased by General Growth Properties of Chicago in 1999, and in 2008, the firm planned a big interior remodeling. At the time, the firm did not disclose a price tag for the Montclair Plaza renovations, which marked the first major upgrades to the mall in about 20 years.
The purchase price of the property in 1999 is not public information. However, GlobeSt.com learned that the keys went back to the lender in 2011.
The industry source tells GlobeSt.com that occupancy today on the property is 85%. The source also notes that the property is expected to sell for a 10% discount to the $190 million of debt outstanding at the time GGP handed back the keys.
CW Capital and CIM Group could not be reached by deadline.
GlobeSt.com will follow this story as more information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
