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July 17, 2018
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MetLife Buys 460k sf Inland Empire Power Center


In an institutional retail investment buy out of the Inland Empire, MetLife Investment Management has acquired Chino Spectrum Towne Center, a 460k sf power center located in the affluent community of Chino. The property was sold by a partnership between Vestar Development Co and an institutional entity.

Although a price was not given out, an industry source we spoke with estimated the deal had a value near $ 144 mil, which works out to over $300/sf.

Chino Spectrum Towne Center is located at the intersection of Grand Ave and the 71 Fwy in the city of Chino. Anchor tenants include Wal-Mart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports, and Aki Home.

Savills Studley’s Bill Bauman and Kyle Miller brokered the sale on behalf of all parties.

“Chino Spectrum Towne Center is one of the dominant regional shopping centers in Southern California with an outstanding mix of ‘best-in-class’ retail and restaurant operators supported by a very strong demographic consumer base,” said Bauman.

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