Acquisition advances strategy to acquire high-quality shopping centers anchored by top-performing specialty grocers in key markets across the U.S.
BOSTON–(BUSINESS WIRE)–Boston-based real estate investment company Longpoint announced the acquisition of Cardenas Marketplace, a shopping center in Montclair, California, for $22.7 million. The property presented a unique opportunity for Longpoint to acquire a newly built specialty grocery-anchored shopping center in a densely populated and rapidly growing Los Angeles neighborhood.
Completed in 2020, Cardenas Marketplace is 91 percent occupied and anchored by Cardenas Market, a leading specialty grocer providing fresh and authentic Hispanic fare, with other notable tenants including AT&T and Wendy’s. The acquisition exemplifies Longpoint’s strategy to acquire core specialty grocery-anchored neighborhood shopping centers with long-term intrinsic value, anchored by grocers catering to the unique shopping preferences of a neighborhood’s ethnic, racial, or multicultural populations.
“We always aim to stay true to our moto of ‘Welcome to the Neighborhood,’ or ‘Bienvenidos a Nuestro Barrio,’ by pursuing culturally relevant shopping centers focused on the evolving needs and demographics of the community, and 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,” said Longpoint Managing Partner Dwight Angelini. “It’s less than three years old – a rarity in this segment given minimal new development of grocery-anchored shopping centers. 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.”
Cardenas Marketplace is optimally located in the City of Montclair at the intersection of Central Avenue and Holt Boulevard, which serves as the primary retail corridor in the city and sees approximately 22,000 cars per day. The area also benefits from exceptional demographics, with 215,369 residents located within a three-mile radius. The dense infill location, combined with Cardenas’ strong performance and long-term lease at the property, position the center well for continued occupancy and rent growth.
This transaction marks the eighth acquisition for Longpoint’s recently closed Specialty Grocer Fund I. The firm plans to continue to leverage its market expertise and deep industry relationships to expand its specialty grocery-anchored portfolio on the West Coast and in other key markets including Texas and Florida.
Alan Krueger, Vanessa Haddad and Masih Waliyar from CBRE represented the buyer in the transaction.
Headquartered in Boston, MA, Longpoint is a vertically integrated private equity real estate firm with deep domain experience in acquiring and operating infill logistics real estate and grocery anchored centers in major U.S. markets. Longpoint chooses its investments and value creation strategy based on an analytical process that incorporates key drivers impacting the global supply chain restructuring, demographic shifts and consumer shopping patterns. Longpoint is minority-owned and registered as an investment adviser with the SEC. Founded in 2015, Longpoint has offices in Atlanta, Boston, Dallas, Los Angeles, Miami, New Jersey, and Washington DC.
ICR on behalf of Longpoint