Dunhill Partners acquires Chino Hills to expand its portfolio in California to one million square feet.
Dunhill Partners, Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot, trophy lifestyle shopping center located in the Los Angeles suburb of Chino Hills, from MX3 Ventures for $147 million.
Holliday Fenoglio Fowler, L.P. represented the seller in the transaction.
“The Shoppes is the focal point of Chino Hills and included a synergistic mix of daily needs and lifestyle tenants,” CJ Osbrink, HFF’s Associate Director, told Commercial Property Executive,
“The in-place cash flow coupled with the immediate upside created a unique investment opportunity for new ownership.”
Located at 13800-13920 City Center Drive, 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.
“Chino Hills is an affluent community that fits the consumer profile for the Shoppes,” Osbrink said. “Being next to the Civic Center also helps solidify this location as the heart of Chino Hills.”
According to Osbrink, there is still a very large imbalance in supply and demand for well-located shopping centers for sale in Southern California.“This dynamic, coupled with improving retail fundamentals and a low interest rate environment makes it a very good time to be a seller today,” he added.
The Shoppes at Chino Hills was originally developed by Opus West and designed by Altoon + Porter architects in 2008. HFF also handled the prior sale of this property in 2010 from a bank consortium group led by Bank of America and MX3 Ventures.
During the last five years, the previous owners leased up the vacancy from roughly 70 percent to 95 percent today. The center is anchored by Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.
“Dunhill Partners continues to show its commitment to the California commercial real estate market with our acquisition of the beautiful Shoppes at Chino Hills,” William Hutchinson, Dunhill Partners’ president, said in a prepared statement. “We now have more than 1million square feet of some of the best retail space in California. With our emphasis on tenant-friendly leasing and management, we hope to continue to attract even more industry forward retailers to the Shoppes at Chino Hills and to the rest of our California portfolio.”