Rancho del Chino, a 162,000-square-foot shopping center located in Chino, Calif., was sold to Levy Affiliated. The seller was Chino North Retail LLC, a private development company.
The center is located at 14659 Ramona Avenue, on the northwest corner of Eucalyptus and Ramona avenues, and sits on a 14 acre parcel of land.
Bill Bauman, executive vice president, and Kyle Miller, managing director, of Studley’s National Retail Services Group, represented the buyer and seller in the transaction. Both are repeat clients of the team.
“The seller felt the timing was right to divest of non-core assets and capture market momentum and the attention of investors seeking quality retail property,” said Bauman.
“The buyer recently acquired comparable retail assets throughout Southern California with quick closings, and took advantage of this opportunity to purchase a well positioned, well anchored shopping center that has above-market vacancy,” added Miller. “Rancho del Chino currently has a 28 percent vacancy rate, and all available space is first generation, never before been leased. The new owner will be implementing an aggressive leasing campaign, offering below market rental rates, to fill the vacancy.”
The center was built in 2007. Tenants include JC Penney’s, McDonalds, Scottrade, and Home Depot.