Longpoint, a Boston-based real estate investment company, has purchased Cardenas Marketplace, a shopping center in Montclair, Calif., for $22.7 million.
Completed in 2020, Cardenas Marketplace is 91 percent occupied and anchored by Cardenas Market, a grocer providing Hispanic fare, with other tenants including AT&T and Wendy’s. The deal is part of Longpoint’s strategy to acquire grocery-anchored neighborhood shopping centers with intrinisic value, anchored by grocers catering to the shopping preferences of a neighborhood’s ethnic, racial or multicultural populations.
“Cardenas Marketplace presented a compelling opportunity to acquire a supremely well-located grocery-anchored shopping center at the heart of a densely populated trade area with a strong and growing Latin American community,” comments Dwight Angelini, Longpoint managing partner. “The property itself is in great shape, and this allows us to focus our time and budget on branding, leasing, and operational upgrades that enhance the customer experience and create value for our stakeholders.”
CBRE represented the buyer in the transaction.