CHINO, CA-SCI Real Estate Investments has acquired the 116,773-sf Chino Towne Center in a tenant-in-common transaction for an undisclosed price. Industry sources estimate it as a $26-million sale.
SCI, a tenant-in-common specialist, says the deal closed at a 6.24% cap rate. The center is at 12155-12233 Central Ave., with frontage along the 60 Freeway and access from Philadelphia Street too.
Built in 1981 and renovated in 2005 and 2006, Chino Towne Center is approximately 98.6% occupied by a mix of 19 national and regional tenants. The center is anchored by Gigante Supermarket, the largest grocery chain in Mexico, with nine Southern California locations. Other tenants include Anchor Blue, FedEx/Kinko's, and Washington Mutual.
SCI found the property appealing for a number of reasons, according to Scott Derrick, chief acquisitions officer for the company. The Inland Empire remains a rapidly growing market, he says, and SCI anticipate that the area's lower cost of business and affordable housing will continue to benefit Chino Towne Center.
The Chino Towne Center is the first grocery-anchored center northof the 60 Freeway and plans are under way to construct a 44-foot freeway monument sign and two additional, 14-foot monument signs along Philadelphia and Canal streets. SCI was represented by Derrick and Andy Van Tuyle, its chief operations officer. The seller, M&H Realty Partners of Del Mar, CA, was represented by Dixie Walker and Charles Simpson of Grubb & Ellis.
Walker comments that M&H Realty "did an excellent job redeveloping this property by adding credit tenants such as Gigante Supermarket, WAMU and CVS/pharmacy and by adding new freeway monument signage." Walker says that the property "is now positioned to be the dominant Hispanic, grocery-anchored neighborhood center in the trade area."
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