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5/03/17
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Upland Village, a 153k sf shopping center in Upland, was acquired by Laguna Beach-based Wood Investments Inc for $18.5 mil ($121/sf). The property, located at the intersection of Euclid Blvd and Foothill Blvd, was only 10% occupied at the time of the sale.
Upland Village, formerly occupied by a 65k sf Dick’s Sporting Goods that has been dark for over seven years, is currently only leased to 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Ave.
“The seller, Upland Village Center, LP, had owned the property for more than 35 years and was looking for a buyer that could complete their vision for the center," said Charley Simpson, a broker with Cushman & Wakefield in Irvine, who along with C&W colleague Dixie Walker, represented the buyer in the transaction. The seller represented itself.
The center was built in 1968 and is located in the heart of the established residential community of Upland at one of the busiest intersections in Upland with an average of over 100,000 cars per day.
Wood Investments and its partners plan to redevelop the property over time. The first phase will include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane’s. The company is already in the pre-leasing stage for phase two.
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