MONTCLAIR (February 12) —Heavily debt-laden CWCapital has sold Montclair Plaza to Los Angeles-based CIM Group, it was announced on Wednesday.
Since 1969, Montclair Plaza has been one of the largest commercial venues in San Bernardino County, and the sales tax revenue generated there has given Montclair a level of financial clout beyond its relative size. With its 36,664 residents, Montclair is the 16th most populous of San Bernardino County’s 24 cities.
In recent years, the once grand plaza has seen its stature diminish as other large-scale shopping operations such as The Mills in Ontario, Victorian Gardens in Rancho Cucamonga, The Shoppes in Chino Hills and the Tanger Outlets in Lenwood near Barstow have lured shoppers away.
Nevertheless, Montclair Plaza remains viable and its sale to CIM Group is an indicator that the plaza will reach its half-century mark as an ongoing and energetic mercantile concern.
In selling the Plaza, CWCapital, with a reported $2.57 billion in debt, simultaneously sold six other properties.
CIM Group has a reputation for committing to upscale commercial and hospitality properties in urban areas such as the Two California Plaza, a 52-story building in downtown Los Angeles and the Redbury Hotel in Hollywood.