Recent Shifts In Ownership & Approach At Chino Valley Retail Centers

The retail sales outlook in Chino Valley has changed in recent weeks. The Spectrum Towne Center in Chino has been sold and the owner of the Gordon Ranch Marketplace has abandoned a long running effort to bring in a major tenant in favor of filling a gap at that center with as many as two dozen shops and offices.
Last month, the Chino Spectrum Towne Center, located on Grand Avenue near its confluence with the 71 Freeway on the Chino side of the Chino/Chino Hills City Limits, changed hands.
Chino Spectrum Towne Center boasts Nordstrom Rack, Marshall’s, Best Buy, Kohl’s, Sam’s Club, Walmart, Aki Home, Pier 1 Imports, and DSE as its major tenets.
MetLife Investment Management picked it up for $144 million from Vestar Development Company. Savills Studley was the broker on the deal, which entailed over 830,000 square feet under roof.
Gordon Ranch Marketplace, which from 1992 to 2006 hosted what was when it opened a top-state-of-the-retail-industry 47,263-square foot Ralph’s full service grocery store, was challenged in 2005 when Ralph’s did not renew its lease and left the following year. In 2008, Gordon Ranch was able to partially offset that loss by attracting a 15,300 square foot Fresh ‘n Easy market. Fresh ‘n Easy remained until 2015. With the departure of Fresh ‘n Easy, an effort to interest a major retailer ensued. But according to Paul Justice, the director of tenant development at the center, the pursuit of a major anchor tenant has fallen short.
Justice said a command decision has been made to reconfigure the center, located at Chino Hills Parkway and Eucalyptus Avenue, and re-present it to potential entrepreneurs using a model better suited for small retailers and professional service providers.
The 47,263-square-feet under roof at what was formerly the Ralph’s grocery store will be modified into 4 suites for 13 small offices, five retail/office suites, four retail spaces and two restaurants.
The interior remodel of offices, retail, and restaurants will occupy 31,963-square-feet.
The 15,300-square-foot area where Fresh ‘n Easy was located from 2008 to 2015 will remain vacant with the goal of attracting a grocery store.
Paul Justice, a representative for the shopping center, told the Chino Hills planning commission May 16 that he had high hopes to attract a large anchor tenant but it has been a struggle because there isn’t enough demand for a 31,963-square-foot building.
“It was a real blow to the shopping center when Fresh ‘n Easy left,” Mr. Justice said.
Justice said there is a market demand for “pocket” office spaces of roughly 220 to 250-square-feet. Gordon Ranch will meet that demand, he said.

Leave a Reply