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6/14/16
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Champion Real Estate Company has acquired a vacant, 85.6k sf, freestanding former grocery building in the city of Glendora, which the firm plans to reconfigure into a 70.5k sf grocery-anchored neighborhood shopping center. The property is located at 655 S. Grand Ave, north of the 210 Fwy at Foothill Blvd.
The new center is designed with two new retail pads in the existing parking area plus additional supporting retail to expand the tenant base and meet community needs. It is planned to include several national, credit tenants.
The City of Glendora Planning Commission approved Champion’s repositioning and development plan on March 1, 2016. The property was acquired by a Champion affiliate which currently is obtaining demolition and building permits. The project has an estimated total cost of around $30 mil.
“The center is well-positioned with excellent frontage to the dominant retail corridor in the area,” commented Parker Champion, Senior Vice President. “We are confident that this value-add repositioning will transform the property into a highly-desired neighborhood center.”
“Glendora is a very strong infill suburban community in the Los Angeles San Gabriel Valley that has recently seen several major mixed-use residential projects which have added close to 400 new homes in the last several years,” stated Chris Wilson, Executive Vice President and retail partner for Champion. “Our retail division continues to look for similar investments that have adaptive re-use applications for major chain retailers.”
Champion also recently acquired Village Green Hills Apartments in Nashville, Tennessee, as well as other Class “A” retail and multifamily properties in California and other prime locations.
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