Walker reports that the Crossroads property attracted 23 offers, "demonstrating there is still a lot of demand for quality product." He says that the power center, which was built in 2000, offers upside for the new owners in the long term because of "below-market rents in a rapidly expanding trade area."
Simpson tells GlobeSt.com that the prospective buyers who were interested in the property consisted mainly of local real estate companies and private investors, but the center also attracted interest from bidders in other parts of the country, including some investment advisers and institutional investors. The Crossroads Marketplace is at 12945-13225 Peyton Dr., just south of the Pomona (60) Freeway along the west side of the Chino Valley (71) Freeway between the Peyton Avenue and Chino Avenue exits. The center was 99% leased at the time of sale.
Major tenants include Best Buy, Bed Bath & Beyond, PetSmart, Sport Chalet, Stein Mart, Off-Broadway Shoes, Beverages & More, Sav-On Pharmacy, Wendy's, Washington Mutual Bank and Union Bank. The center also includes a Costco and Lowe's Home Improvement, which were not part of the sale, but "are significant customer draws" into the center from Chino Hills and the surrounding communities, Walker points out.
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