Overview

Description

Faris Lee Investments is pleased to present the unique opportunity to acquire the fee simple interest (land & building) in Montclair Center (“The Property”); Value-add strip shopping center along the dominant Central Avenue retail corridor in Montclair, CA. The property boasts an exponential growth opportunity with the ability to ground lease the scraped pad portion of the property. With the addition of a ground lease, an Investor would potentially achieve an expected 8.00% cap rate return and increase the annual rent by $96,000 (100%). The asset is ideally configured with small leasable units averaging 1,200 sq. ft., allowing for a variety of uses and catering to the largest tenant pool for ease of leasing. Furthermore, all existing leases are NNN providing an investor ease of management with tenants responsible for taxes, insurance, CAM & HVAC expense; helping to preserve the value of the asset.

Montclair Center is ideally positioned within the dense infill city of Montclair along the highly trafficked Central Avenue, which experiences well over 31,200 vehicles per day. Montclair Center is located in close proximity to the major economic drivers of the area including Costco, Metroplex Auto Mall, and Montclair Place regional mall. These economic drivers help to ensure daily customer visits to the immediate trade area which benefit the tenants at Montclair Center. Additionally, the property benefits from exceptional demographics with over 508,000 residents with an average household income in excess of $93,200 and over 228,400 day-time employees within a 5-mile radius.

Highlights

• Value-Add Opportunity | Potential 100% Income Growth with Addition of Ground Lease Equating $96,000+ Additional Annual Income
• Prior use on land pad was a 1,400 sf drive thru QSR
• Ideal Configuration for Strip Shopping Center | Small, Leasable Units
• Owner/User Opportunity to Occupy Vacant Pad
• Potential Arbitrage Break Up By Parceling and Selling Off Pad or Building
• Major Building Upgrades Completed In 2022
• Ease of Management / NNN Leases
• Favorable Parking Ratio / 4.5:1,000 Sq. Ft.
• Located On Central Ave. With Exposure to 31,200+ Vehicles/Day
• Strong Montclair Demographics / $84,800 Average HH Income within 1 Mile

---