A 28,000-square-foot multi-tenant neighborhood retail in Montclair, Calif., has been sold for $5.6 million, the brokerage Progressive Real Estate Partners announced Aug. 31.
The property at 5458-5484 Moreno Street was acquired by a Los Angeles-based buyer.
Progressive Real Estate Partners' senior vice president & managing director Greg Bedell and vice president of leasing & sales Monica Dal Bianco-West represented both the buyer and the private Los Angeles-based seller.
The retail center is located just off the Interstate 10 and Central Avenue, approximately 0.3 miles from Montclair Place, a dominant regional retail destination generating six million annual visits and undergoing continued modernization.
The property also benefits from nearby residential development within the Arrow Highway Mixed-Use District, adding long-term population density to the North Montclair trade area.
The center is 89% leased to eight local tenants, predominantly restaurants, education, personal service and experiential uses.
"Today's retail investors may prefer grocery-anchored properties with national credit shop tenants, but this investment was about the quality of the real estate, the basis and the underlying economics," Bedell said in a statement. "At roughly $200 per square foot, with rents substantially below market, the property offered a compelling risk-adjusted opportunity despite its primarily local tenant roster. We expect the second half of 2026 to remain active but selective, with ample capital pursuing Inland Empire retail."
Dal Bianco-West added, "This deal demonstrates that there continues to be significant private-capital demand for Inland Empire retail properties when the real estate and basis make sense. Investors have become more disciplined, but they have not stopped buying.
"Buyers are increasingly willing to look beyond national-credit tenancy and evaluate the actual fundamentals of the trade area, replacement cost, existing rents and future NOI growth."
Tuesday, September 8, 2026
Progressive Real Estate completes $5.6M sale of Inland Empire center
The 28,000-square-foot neighborhood retail center in Montclair, Calif., is 89% leased to eight local tenants.
The 28,000-square-foot multi-tenant neighborhood retail center at 5458-5484 Moreno Street in Montclair, Calif., has been sold for $5.6 million by a Los Angeles-based private investor.
