HFF senior managing director Ryan Gallagher, who heads HFF's Southern California investment sales team, tells GlobeSt.com 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.

Located at the intersection of Grand Avenue and Peyton Drive, the Shoppes at Chino Hills was designed by the architectural firm Altoon + Porter and is part of a 750,000-square-foot master-planned project that includes Chino Hills Civic Center, Chino Hills City Hall, the Chino Hills Police station and a public library. The city has $40 million invested in the 50-acre master-planned project.

The Shoppes at Chino Hills features 80 retail and restaurant merchants including Jacuzzi Brands, H & M, Forever XXI, Barnes & Noble, P.F. Chang’s, CA Pizza Kitchen, The Yard House, Banana Republic, Hollister, Trader Joe’s, Victoria’s Secret and Wood Ranch. The Commons at Chino Hills includes Toys/Babies R Us, BJ’s Restaurant, Pei Wei, Lucille’s BBQ and Corner Bakery; the project also includes a Lowe’s Home Improvement Center and Ayers Hotel.

According to PM Realty, lending syndicate Peyton & Grand Syndicated Holdings LLC awarded it the property management assignment for the Shoppes at Chino Hills, and Chino Hills Parkway Syndicated Holdings LLC awarded it the contract for the other center. PM Realty named Richard A. Jones, general manager, and John Rowen, senior vice president of operations and engineering services of PMRG’s western division, to head the assignment. The new management assignments come under the Western Division of Houston-based PMRG.