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4/25/23
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Wood Investments Companies Inc acquired a former Kmart building on 7.49 acres in Big Bear Lake, CA, SoCal’s popular mountain resort community and destination. Big Bear Lake is home to over three million annual visitors who come to enjoy fishing, snowboarding, skiing, hiking and mountain biking.
Wood Investments plans to develop an 80.8k sf grocery-anchored shopping center on the site. The project, called Big Bear Lake Shopping Center, is located at 42126 Big Bear Blvd, at the southwest corner of Big Bear Blvd and Fox Farm Rd in San Bernardino County.
Wood Investments purchased the property for $6.5 mil in late December 2022, with plans to subdivide the building into three individual anchor suites. The building will house a new Grocery Outlet (17.2k sf), a soft goods retailer, which has signed a lease for 23.2k sf, and a third tenant, which is currently in lease negotiations for approximately 25k sf.
Wood Investments expects to commence construction in the fourth quarter of 2023 and open in March 2024. The structure was built in 1992 and has sat vacant since early 2021.
Big Bear Lake is located in the heart of Southern California in the San Bernardino National Forest, 100 miles northeast of Los Angeles and an easy drive from Phoenix and Las Vegas. Altitudes range from 6,750 to 9,000 feet and the valley enjoys 300+ days of sunshine each year.
The area is home to bald eagles, bears, mountain lions, bobcats, coyotes, deer and more, plus about 29 species of protected rare plants, some indigenous to the area. Big Bear Lake is a manmade, fresh-water lake seven miles long and a half-mile wide; maximum depth reaches 72 feet and the shoreline spans over 22 miles. Big Bear is home to one of the nation's few solar observatories and alpine zoos for injured wildlife.
Charley Simpson of Colliers International represented Wood Investments Companies in the sale transaction. Nick Wirick, Chris Beauchamp and Miranda Montgomery with Lee & Associates in Riverside are handling the leasing of Big Bear Lake Shopping Center.
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