JH Real Estate still owns about 3,500 multifamily units in Southern California, but the company's acquisition focus right now is on retail for several reasons, according to Rivas. He explains that JH is attracted to the less management-intensive nature of retail properties and also sees this as a good time to be buying retail properties in light of market conditions. In addition, JH Real Estate has its own capital—both from cash flow from its multifamily assets and other internal capital—and considers retail properties as attractive investments in comparison with other property types.
 Palm Grove Toys R Us |
The Palm Grove Shopping Center, which JH Real Estate bought from Redlands-based House Land Development Co., is located on the corner of Lugonia and Alabama. It is anchored by JC Penney, Toys R Us, Babies R Us and various other tenants such as Men's Warehouse and Chili's. Rivas tells GlobeSt.com that the center is effectively fully leased, with occupancy at 98% and with letters-of-intent signed on most of the remaining space.
In January of this year JH closed on a 60,000-sf center in the Porter Ranch area of Los Angeles County, with Whole Foods as a shadow anchor. Its first retail buy was a 55,000-sf center in the Orange County city of Brea last year.
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