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Former Red Lobster Adjacent to Montclair Place Sells to Owner/User
Progressive Real Estate Partners closed the sale of a fully built-out restaurant located at 9345 Monte Vista Ave. in Montclair for $2.5 million. The 6,200-square-foot building was previously occupied by a Red Lobster that closed last year following the chain’s bankruptcy filing.
SVP Paul Galmarini of Progressive Real Estate Partners and EVP 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 CRE.
The restaurant is part of a center which is an outparcel to the 1.2-million-square-foot Montclair Place regional shopping center. Galmarini said, “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.”
