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1/04/22
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There have been two Chino Hills multi-tenant retail property sales to report, in deals totaling just over $19 mil. The properties -- Chino Hills Grand Plaza and Gateway Village -- were acquired by separate buyers. They combine for 27.7k sf of space and are both located near Hwy 71 at the Grand Ave entrance/exit.
Both properties were sold by VantageOne Real Estate Investments of Newport Beach. The seller was repped in both transactions by Hanley Investment Group’s Ed Hanley, Bill Asher and Jeff Lefko.
"Investor demand for well-located, multi-tenant retail properties has been at unprecedented levels in the second half of 2021,” said Asher. “We generated many competitive and qualified offers on both Chino Hills Grand Plaza and Gateway Village, and secured two separate Southern California-based 1031 exchange buyers at 100% of the asking prices for both assets.”
In one of the deals, Chino Hills Grand Plaza, a 12.9k sf, multi-tenant retail building on 1.64 acres at 3410 Grand Ave in Chino Hills, sold for $11.425 mil. Built in 2001, the 100%-leased, multi-tenant retail investment includes such tenants as First Citizens Bank, Pacific Dental Services, It’s Boba Time and Pick Up Stix.
The property shares an entrance with The Shoppes at Chino Hills, a 375k sf, open-air lifestyle center. Stores include Barnes & Noble, Banana Republic, Chico's, Forever 21, H&M, Old Navy and Sephora. Restaurant and specialty food tenants include Trader Joe's, California Pizza Kitchen, Chipotle, P.F. Chang's and Yard House.
Chino Hills Grand Plaza traded at a 5.00% cap rate. The buyer was a private investor based in Burbank, who was represented by Ron Duong with Marcus & Millichap.
The second property, Gateway Village, a two-tenant, 14.8k sf retail building on 1.24 acres at the Sprouts Farmers Market-anchored shopping center, traded for $7.645 mil. It is 100%-leased to national tenants, Dunn- Edwards and Sit ‘n Sleep. The buyer, a private investor based in Santa Clarita, was represented by Tim Byrne with Compass.
Gateway Village is located at 3570 Grand Ave and has 71 Fwy-visible frontage and pylon signage. Highway 71 is the main north/south Freeway in Chino Hills and connects Chino Hills to nearby San Gabriel Valley and Orange County.
The buyer, a private investor based in Santa Clarita, was represented by Tim Byrne with Compass.
Chino Hills is one of the most affluent cities in the Inland Empire. Within one mile of both properties, there is an average household income of $125,878. There are 333,000 people living within a five-mile radius. Chino Hills has experienced an 8.5% population growth since 2010. Currently, there are approximately 1,260 residential units that have either been recently built or are planned in the city of Chino Hills.
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