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LA VERME, CA-Combined Properties Inc. of Washington, DChasacquired the 105,584-sf Commons at La Verne, a former Kmartsite,and plans to raze the existing center, raise its elevation andturn it into a 130,000-sf , grocery-anchored center. The property,which Combined acquired from La Verne Butterfield LLC, is at theintersection of Foothill Boulevard and Wheeler Avenue at an infillsite in an area of Los Angeles County where development sites arerare. It is across the street from Foothill Plaza, a centeracquired by Combined in April 2003.The former Kmart-anchored centerwas originally built in the late1970's. Combined plans to beginconstruction in the first quarter of 2005 on the expanded center,with most of the existing structures to be demolished to make roomfor the new buildings and to raise theelevation of the new center.The project, which is being designed by the architectural firm ofBickel Underwood, will include a new parking lot, better streetaccess and enhanced landscaping. Upon completion, the new centerwill have increased to 130,000 sf and will be anchored by a56,000-sf grocery store.Total project investment, including theprice Combined paid for theproperty and the cost of redevelopment,will be approximately $24million, according to Ronald Haft,chairman and CEO of Combined.Haft noted that Combined recentlyformed a joint venture with the Tower Fund, a discretionary fundadvised by SSR Realty Advisors Inc., that provides $175 million incapital to acquire institutional grade shopping centers in theWashington, DC and Southern California markets. Combined, whichcontributed a recently renovated center to the joint venture, isresponsible for identifying and closing the acquisitions, andmanaging and leasing all centers acquired by the venture.With theacquisition of the La Verne site, Combined now has ninepropertiesin the Los Angeles area. The others include the Center atColdwaterin Studio City, Foothill Plaza in La Verne, Foothill Ranch in LakeForest, Granada Hills Town Center in Granada Hills, Loehmann'sPlazain Reseda, Mart of Montebello in Montebello, Murrieta CommonsinMurrieta and Shops at Sherman Way in West Hills. Privately heldCombined Properties, which is based in Washington, DC andLosAngeles, owns and develops retail property on both coasts,operating aportfolio of 4.5 million sf in the Washington, DC andSouthernCalifornia markets, with more than $250 million in itsacquisition anddevelopment pipeline.