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10/01/15
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The Shoppes at Chino Hills, a 378k sf, trophy lifestyle center located in the Inland Empire community of Chino Hills, has traded hands in a transaction valued at $147 mil, or around $389/sf. The asset was purchased by Dunhill Partners Inc from MX3 Ventures, who acquired the property in early 2010 for $94.5 mil.
The Shoppes at Chino Hills was originally developed by Opus West at a cost of $135 mil in 2008. Located at 13800-13920 City Center Dr in Chino Hills, the open-air, pedestrian-oriented center is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library.
The Shoppes at Chino Hills was designed by Altoon + Porter architects and features outdoor shopping along landscaped streets and store-adjacent parking. One component of the project was designed as a pedestrian-only promenade with shaded seating areas and fountains. The property is 96% leased and is anchored by Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria's Secret and Barnes & Noble.
The Shoppes at Chino Hills also contains 60k sf of office space that includes the world headquarters for Jacuzzi Brands Corp, the well-known manufacturer of hot tubs and other related products, which inked a six-year lease for 30.8k sf of office space at the property back at the time the project opened. Situated above retailers, the space includes a luxury showroom, a private entry, operable windows, a balcony overlooking the Chino Valley and immediate access to more than 70 retailers.
The HFF investment sales team representing the seller in this latest deal was led by Ryan Gallagher and CJ Osbrink with assistance from John Crump and Bryan Ley. HFF handled the prior sale of this property in 2010 from a bank consortium group led by Bank of America and the current owner.
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