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December 1, 2023
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Corona Lifestyle Center Gets New Owner in $47 Mil Transaction


The Shops at Dos Lagos, a 351.2k sf lifestyle shopping center in Corona, was acquired by Barret Woods & OERP LLC in a recent $47.375 mil ($135/sf) transaction. Built in 2006, the property is located at 2780 Cabot Dr, within the Dos Lagos Specific Plan area.

The Shops at Dos Lagos was the first phase of a two-phase retail shopping center development that was planned to offer retail, multifamily, and hotel space totaling almost 700k sf. Phase II was not included in the sale. The Shops at Dos Lagos sits on 47.4 acres that includes four in-line shop buildings, four ground-leased restaurant pads, a 15-screen movie theater, and an additional 7k sf pad available for lease or development.

The Shops at Dos Lagos features an impressive tenant mix of national and regional retailers including Trader Joe’s, Express, Sunglass Hut, Bath and Body Works, Daniel’s Jewelers, Sleep Number and Papaya. The center also includes popular restaurants including Fatburger, Pinkberry, Miguel’s California Mexican Cocina, Woodranch BBQ & Grill, RA Sushi, Citrus City Grille and TAPS Fish House & Brewery. The Shops at Dos Lagos was 91% leased at the time of the sale.

Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing and Mohit Uppal with NAI Capital Commercial’s Retail Services Group represented the buyer and the seller, The Shops at Dos Lagos.

“This opportunity provided the buyer the ability to add value through leasing up vacancies in a market area, which sits within the path of tremendous residential development, with many new projects that have recently been built or are in planning stages and attracting an affluent population base,” commented Steve Liu. “The sale price was well below replacement cost, positioning the buyer for an attractive return on investment.”

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