Costco Pays $37.5MM for 186,576 SQFT Retail Property in Chino Hills

Chino Hills, Costco, LNR Partners, Crossroads Marketplace, Bed Bath & Beyond, Petsmart, Dollar Tree, Starwood Property Trust, DPI Retail, Upland, Temecula, RA Centers, Meadows Village Center

By Catherine Sweeney 

The Inland Empire has seen a number of retail properties trade hands in recent months. In a recent deal, Costco purchased a 186,576 square foot retail property in Chino Hills for $37.5 million, or about $201 per square foot. The property, also called Crossroads Marketplace, was sold by LNR Partners, a subsidiary of Starwood Property Trust, according to Vizzda records. 

Located at 13251 Peyton Dr., the property consists of two buildings built in 2000 on more than 20 acres of land. Tenants at the property include Petsmart and Dollar Tree. Additionally, there are five other spaces, which take up 42,000 square feet, 31,000 square feet, 31,080 square feet, 14,000 square feet and 9,572 square feet, according to Vizzda. 

There is also a Costco store situated across from the property in the same retail complex. The property is situated just off the 71 and 60 freeways within close proximity of several other retailers, including Trader Joe’s, Home Depot, Target, Cold Stone Creamery and several others. 

The Inland Empire has seen other retail properties trade hands over the course of the last year.

In one deal, DPI Retail sold a 65,360 square foot retail space in Upland for $13.6 million, or about $208 per square foot. The property, located at 1234-1284 W Foothill Blvd., was purchased by Capital Insight Holdings, according to public records. The property is home to tenants like Stater Bros. and Big Lots. 

Another deal in Temecula saw Meadows Village Center, a 67,336 square foot neighborhood grocery-anchored center, trade for $27.7 million, or about $411 per square foot. Located at 31963 Rancho California Road, the property was sold by funds managed by affiliates of Fortress Investment Group to RA Centers.