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.

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