A portion of a large retail center in Chino has recently traded hands. According to Vizzda records, an entity tracing to PacWest Management purchased a portfolio of three properties in the city that make up most of Chino Town Square. The properties were sold by an entity affiliated with Kimco Realty Corporation in three separate transactions for a combined price of $25.3 million.
The properties at hand have addresses at 5451, 5455, 5459, 5501 and 5509 Philadelphia St. at Chino Town Square, a larger retail center that totals approximately 525,000 square feet. Anchors at the shopping center include Ross Dress for Less, DD’s Discounts, La Curacao Chino and Burlington.
The largest of the three deals involved a 52,102 square foot retail property that is home to Ross Dress for Less, Titan Burgers and Burger King. Also featuring approximately 7.4 acres of land, the property sold for $10.8 million, or about $207 per square foot.
The second property, a 106,164 square foot retail building, sold for $5.5 million, or $51 per square foot, according to records.
The final portion of the portfolio includes a 186,072 square foot site at the shopping center. This site is home to DD’s Discounts as well as several smaller retailers. The property sits on 20 acres of land and traded for $9 million, or about $45 per square foot.
The seller in the transaction, Kimco Realty, is a real estate investment trust based in Jericho, New York. With a focus on the acquisition and management of shopping centers, the company’s portfolio, as of September 2023, includes 527 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space, per the company’s website.
PacWest Management is a boutique retail real estate investment firm with a portfolio of half a million square feet of retail space. The company was founded in 2014.
