Chino Hills Revitalization Begins with Shoppes; Bel-Air Mansion Sale Tops 2011

By Alex Girda, Associate Editor A high-end lifestyle center located in the Inland Empire county of San Bernardino has managed to arrange a $61 million financing deal, RENTV.com reports. The 388,000-square-foot complex dubbed The Shoppes at Chino Hills, owned by Chino [...]

A high-end lifestyle center located in the Inland Empire county of San Bernardino has managed to arrange a $61 million financing deal, RENTV.com reports. The 388,000-square-foot complex dubbed The Shoppes at Chino Hills, owned by Chino Malls L.L.C., was designed three years ago by Opus West and is located at the corner of Grand Avenue and Peyton Drive. Holliday Fenoglio Fowler L.P. arranged the financing for a 10-year span, at a 5.2 percent rate, through Citigroup Global Markets Realty Group.

The Shoppes at Chino Hills is actually part of a larger initiative to revitalize the area; other projects planned will involve the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and public library, according to RENTV.com. The retail complex is 90 percent leased, with steady income generated by anchors such as H&M, Victoria’s Secret and Barnes & Noble.

Making residential real estate news was the largest sale of the year in Los Angeles County: that of La Belle Vie, the Bel-Air residence of philanthropist Iris Cantor,  The Los Angeles Times reported. The massive, luxurious residence constructed in 1993 by the late Mrs. Cantor’s husband, Bernard, was sold for a reported $40 million. It has been on the market since 2009, when it was listed for $53 million. The main purpose of the construction was to house the couple’s substantial art collection. The latest deal was brokered by a Coldwell Banker Beverly Hills representative.