With capital returning to brick-and-mortar retail, a Los Angeles-based investment firm has acquired a shopping centre in the Inland Empire. Stockdale Capital Partners and funds managed by Hamilton Lane, Conshohocken, Pa., invested $157 million for a 378,140-square-foot lifestyle centre at 13920 City Center Drive in Chino Hills, California, known as The Shoppes at Chino Hills.
The property, spanning over 25 acres, was developed in 2008 and is anchored by Trader Joe’s and Barnes & Noble. According to the buyers, the tenant roster includes national retailers, restaurants, and experiential concepts serving more than 300,000 residents within a five-mile radius. The buyers did not disclose the property’s current occupancy rate.
Strategic repositioning planned
Stockdale intends to rebrand the property as The Shops at Chino Hills and pursue a comprehensive programme of brand, merchandising, and positioning repositioning. The aim is to attract additional national retailers, restaurants, and concepts that, according to the buyers, are underrepresented in the market.
Bastian Peters, who co-leads Stockdale's retail platform with Jeff Bhathal, commented on the acquisition: “The Shoppes at Chino Hills represent an opportunity to acquire a true ‘Main Street’ retail environment in one of Southern California’s most desirable and undersupplied submarkets.”
Growing confidence in retail
This acquisition comes at a time when investors have gained increasing confidence in retail in general, but particularly in open-air and grocery-anchored shopping centres. Scott Davies, Co-Head of Real Estate at Hamilton Lane, noted that the combination of “limited supply and strong demand from both consumers and retailers” enhanced the asset's appeal.
Stockdale is expanding its retail platform with a strategy focused on repositioning, re-leasing, and enhancing experiential offerings. The private equity firm manages over $3 billion across various real estate sectors, including retail, multifamily, hospitality, healthcare, and office.
- —Transaction volume: $157 million
- —Property: The Shoppes at Chino Hills, 13920 City Center Drive, Chino Hills, California
- —Area: 378,140 square feet
- —Anchor tenants: Trader Joe’s, Barnes & Noble
The marketing for The Shoppes at Chino Hills was handled by Jimmy Slusher, Mark Damiani, James Tyrrell, and Shaya Northrup of CBRE.
