LA VERNE, CA—La Verne Village, a newly completed luxury mixed-use complex in La Verne, CA, has signed leases with six new retail tenants to the commercial retail portion, and has hired Western National Property Management to manage the multifamily portion of the property. Developed and owned by Hutton Companies, the 172-unit complex is the first to new retail development to come to the city in several years.
The new retail tenants to sign leases at the center include Waba Grill, Sports Clips Haircuts, Massage Green Spa, Caffébene, Cyclinsanity and Polish Me Nail Salon & Spa. “These retail tenants were attracted to the property because of the quality of the community and its location and visibility off of Foothill Blvd.,” Vicky Espinosa, a broker in NAI Capital‘s Ontario office, tells GlobeSt.com. Espinosa represented the landlord in the transaction, along with her NAI Capital colleagues Fred Encinas, Samantha Zoleta and Kevin Zullo. “We are looking to attract food tenants that will provide a variety of dining options, as well as tenants that will offer services, such as a beauty salon or mail center as a convenience to the residents of the community,” Espinosa adds.
There are four retail spaces remaining at the center, but NAI Capital is already in negotiations with potential tenants for three of those spaces. The remaining space is a 1,200-square-foot end unit. “We have had a variety of interest but primarily restaurant operators,” she explains, adding that the team plans to lease the remaining space within the next few months.
Western National Property Management will oversee the multifamily side of the property. The luxury-style property has a mix of one-, two- and three-bedroom units ranging in size from 728 to 1,296-square-feet. The homes combine the best of urban and suburban living with attached or detached garages, gourmet kitchens, an in-home washer/dryer and finishes like wood-style flooring and crown molding, along with close proximity to public transit and major freeways. The building offers a fitness center, media lounge, pool and theater room.
The project broke ground in May of 2013. The 15,000-square-foot property sits on nearly eight acres and was formerly a parking lot. The estimated cost of the development is $43 million.