X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO CUCAMONGA, CA-SCI Real Estate Investments of Los Angeles has bought an 88,839-sf center here for $16.8 million, and Red Mountain Retail plans a new center at a former Kmart site that it in Buena Park that it purchased for $12 million as retail properties in the Inland Empire and Orange County continue to attract eager buyers.The SCI acquisition is the Country Village Shopping Center, a 98% occupied property that SCI bought through a tenant-in-common structure, according to Robert Robotti, SCI’s CEO. Robotti and Andrew Van Tuyle, the investment firm’s director of acquisitions, represented the buyers, with Dixie Walker and Charley Simpson of the Newport Beach office of Grubb & Ellis representing the seller, GMS Realty of Carlsbad. SCI acquired the property with eight other tenant-in-common investors who are completing 1031 exchanges, and with SCI’s private investor group. Marc Paul, SCI president, calls the deal “a rare find in this market” because owners of well-leased retail properties in fast-growing Rancho Cucamonga tend to hold onto them. Although the center is older than some in Rancho Cucamonga, having been built in 1974, Paul notes that County Village is stable and mature, with longstanding tenants. The primary tenants are Stater Bros., Bank of America, and Carl’s Jr., which have all been at the location for 30 years. Paul says SCI, which sees upside potential at the Country Village property through higher lease rates, hopes to acquire more retail centers in Southern California or the Western US.In the Buena Park transaction, Red Mountain Retail Group of Santa Ana plans to rehab the former Kmart site, which is part of a 10-acre parcel at 5885 Lincoln Ave. that Red Mountain bought from Los Angeles-based Security Trust. Red Mountain will renovate the existing 110,000-sf center, which has been vacant for a year, and expand it to 130,000 sf, according to Dan Samulski and Mark Baziak of Grubb & Ellis’ Newport Beach office, who represented the buyer and the seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.