“We are very pleased with the ultimate outcome of this transaction,” said Manouch Moshayedi of MX3 Ventures. “We purchased the property in early 2010 while it was struggling due to the downturn in the economy. We increased tenancy from high 70 percent occupancy to more than 96 percent today. PMRG meticulously managed and maintained the property.
We have had a great team of people help us grow our portfolio of real estate, and HFF and PMRG have played a key role towards that outcome. We are very grateful to both organizations. We congratulate Dunhill in their acquisition of The Shoppes at Chino Hills.”
HFF marketed the property on behalf of the seller, MX3 Ventures. Dunhill Partners, Inc. purchased the asset. HFF handled the prior sale of this property in 2010 from a bank consortium group led by Bank of America and the current owner.
The Shoppes at Chino Hills was originally developed by Opus West in 2008. Located at 13800-13920 City Center Drive in Chino Hills, the open-air, pedestrian-oriented center is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library.
The 96-percent-leased property was designed by Altoon + Porter architects and is anchored by Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.
The HFF investment sales team representing the seller was led by Ryan Gallagher and CJ Osbrink with assistance from John Crump and Bryan Ley.
“Dunhill Partners continues to show its commitment to the California commercial real estate market with our acquisition of the beautiful Shoppes at Chino Hills,” said William L. Hutchinson, president of Dunhill Partners.
“We now have more than one million square feet of some of the best retail space in California. With our emphasis on tenant-friendly leasing and management, we hope to continue to attract even more industry forward retailers to the Shoppes at Chino Hills and to the rest of our California portfolio.
We enjoyed working with Ryan and CJ and the rest of HFF as we continue to grow our California presence.”