MONTCLAIR, CALIF. — Progressive Real Estate Partners has arranged the sale of a fully built-out restaurant located at 9345 Monte Vista Ave. in Montclair. A San Gabriel, Calif.-based private investor sold the asset to a local private buyer for $2.5 million. The buyer owns and operates a chain of Southern California sit-down Mexican restaurants.
Built in 1981, the 6,200-square-foot restaurant features a fully equipped kitchen and bar, plenty of parking and freeway monument signage. The buyer plans to renovate the property and open a sit-down restaurant. A timeline or specific plans for the concept have not been released. Red Lobster previously occupied the asset.
Paul Galmarini of Progressive Real Estate Partners and Jereme Snyder of Colliers represented the seller, while Cristina Hsieh of Sperry Van Ness represented the buyer in the deal.