A high-profile neighborhood shopping center in the Inland Empire city of Chino Hills was purchased by a Los Angeles investment entity for $47.2 mil, or $487/sf. The property is Gateway Village, a 97k sf asset situated on 13.9 acres at 3560-3670 Grand Ave, directly adjacent to the Chino Valley (State Highway 71) Fwy at the Grand Ave exit.
National and regional credit tenants, including Henry’s Market, Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-Fil-A and Chili’s, make up roughly 81% of the property’s square footage. The property was 100 percent occupied at the time of sale. The eight-building property was constructed in three phases, with Phases I and II having been built in 2003, followed by Phase III in 2006.
“The transaction represented a record breaking price per square foot in the county for a neighborhood shopping center and at the same time satisfied the buyer’s return on capital requirement. Both the buyer and seller were extremely pleased with the closing of this transaction,” stated Edward B. Hanley, President of Hanley Investment Group, who represented both the buyer and seller in the deal. The buyer was Grand Gateway I, II, and III, LLC, while the seller was Gateway Village I, II, and III, LP of Newport Beach.
“This assignment was very challenging due to the fact a buyer had to be identified that was capable of assuming three different CMBS loans requiring more than a 50 percent down payment,” added Hanley.
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