V
alueRock Realty Partners has transformed a former shopping center in south Orange County into The Commons at Aliso Creek Road, featuring the region's largest Tesla dealership. Led by David Lee, the Irvine-based developer revamped the 21-acre retail center, which was previously anchored by Lowe's, and officially opened on December 14th. When complete, the 200,000-square-foot shopping center will include a retail village with 343 homes.

    ValueRock purchased the property in 2015 for $62 million and invested an additional $53 million into its redevelopment. The company had been planning to redevelop the site since 2017, as big-box retailers like Lowe's struggled to stay open. Tesla, owned by Elon Musk, will occupy a 55,000-square-foot dealership with nearly 250 parking spots, making it the largest in OC.

    Other new tenants include 99 Ranch Market, Daiso, and Philz Coffee, set to open by year's end, as well as Bowlero, a Lucky Strike bowling alley, scheduled for next year. ValueRock's strategy focuses on reducing reliance on big-box retailers, with its portfolio including several other shopping centers in Southern California.

    The Commons is part of ValueRock's efforts to revitalize Aliso Viejo's retail market, following the purchase of two nearby restaurants, Chili's and Macaroni Grill, for $3.75 million and $5.3 million respectively. The company aims to transform Aliso Viejo into a dining and shopping destination. With over 50 commercial properties across California, Hawaii, and Arizona, ValueRock Realty Partners has established itself as a significant player in the region's real estate market.