Chino Hills Trophy Center Expands Dunhill Partners’ Retail Portfolio
- Oct 01, 2015
Located at the southwestern end of San Bernardino County, the city of Chino Hills is part of a real estate revival that’s gripping the Inland Empire. The area is one of the fastest growing suburbs of L.A. in terms of rents, leading to improving occupancy, which in turn has translated into growing activity in the commercial sectors. HFF recently completed the sale of The Shoppes at Chino Hills, a trophy lifestyle center located in the submarket, for $147 million.
Dunhill Partners is the new owner of the retail property, after acquiring it from seller MX3 Ventures. HFF arranged the transaction on behalf of MX3, having also previously worked together on the 2010 acquisition of The Shoppes at Chino Hills. Ryan Gallagher, CJ Osbrink, John Crump and Bryan Ley led HFF’s investment sales team that represented MX3.
Located at 13800-13920 City Center Drive, the trophy center offers 377,966 square feet of retail space. The Altoon + Porter-designed facility offers proximity to the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library. Currently operating at just four percent vacancy, the center is anchored by Forever 21, Trader Joe’s, H&M, Victoria’s Secret, Barnes & Noble, and Banana Republic.
Originally developed in 2008 by Opus West, The Shoppes at Chino Hills was purchased by MX3 at around 70 percent occupancy, and has since been brought up 96 percent, Manouch Moshayedi of MX3 Ventures said. The acquisition brings Dunhill Partners’ Californian portfolio to more than one million square feet of retail space, President William L. Hutchinson said of the deal.
Image courtesy of facebook.com/TheShoppesAtChinoHills