CHINO HILLS, CA-A bank consortium has put the 380,000-square-foot Shoppes at Chino Hills on the market and has named the Orange County office of Holliday Fenoglio Fowler to market the property. Separately, lenders have named PM Realty Group as the new property manager for the Shoppes at Chino Hills and another nearby 160,000-square-foot power retail center called the Commons at Chino Hills.

HFF senior managing director Ryan Gallagher, who heads HFF’s Southern California investment sales team, tells that the 380,000-square-foot lifestyle center is being offered unpriced, but pricing is expected to be in the neighborhood of $100 million. The property, which is cash-flowing and is 87% occupied, is expected to draw bids from REITs, institutional investors, opportunity funds and high-net-worth individuals, Gallagher says. He notes that the shopping center is believed to be the largest REO now on the market in Southern California in terms of value.

“This is a really rare opportunity to pick up a trophy asset, at a discount, 18 months after it was developed,” Gallagher says. “This is an asset that would not be available if it hadn’t been for an entity-level bankruptcy.” The center and the Commons at Chino Hills were both developed by Opus West, which filed for Chapter 11 bankruptcy last summer.

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