Stockdale Capital, Hamilton Lane Pay $157 Million for Chino Hills Lifestyle Center

Stockdale Capital, Hamilton Lane Pay $157 Million for Chino Hills Lifestyle Center

Stockdale Capital Partners, joined by funds managed by Hamilton Lane, has acquired the Shoppes at Chino Hills, a 378,140-square-foot open-air shopping center in Chino Hills, Calif., for $157 million, according to an announcement from the buyers.

The property, located at 13920 City Center Drive, spans more than 25 acres and was developed in 2008. It is anchored by Trader Joe’s and Barnes & Noble, with a tenant mix of national retailers, restaurants and experiential concepts. The buyers said the center draws from a population of more than 300,000 residents within a five-mile radius. Occupancy was not disclosed.

Stockdale plans to rename the asset the Shops at Chino Hills and undertake a rebranding and remerchandising effort aimed at attracting national retailers, restaurants and concepts it says are currently underrepresented in the market. Bastian Peters, who co-leads Stockdale’s retail platform alongside Jeff Bhathal, described the center as a “Main Street” style retail environment in a supply-constrained Southern California submarket.

The deal lands amid renewed investor appetite for brick-and-mortar retail, particularly open-air and grocery-anchored centers. Scott Davies, co-head of real estate at Hamilton Lane, pointed to limited supply and strong demand from both consumers and retailers as factors behind the purchase.

Los Angeles-based Stockdale has been building out its retail platform with a focus on repositioning, lease-up and experiential upgrades. The firm manages more than $3 billion across retail, multifamily, hospitality, health care and office assets. Hamilton Lane, headquartered in Conshohocken, Pa., served as capital partner through funds it manages.

CBRE’s Jimmy Slusher, Mark Damiani, James Tyrrell and Shaya Northrup represented the listing. CBRE Group, the commercial real estate services firm, traded at $140.89 recently, up 0.27% from a prior close of $140.51, with a market capitalization of roughly $40.5 billion.

What to watch

• Details on leasing progress under the planned remerchandising and repositioning program, including any newly signed national tenants.
• Disclosure of the property’s occupancy rate, which was not provided at announcement.
• Additional acquisitions from Stockdale’s retail platform as it continues its open-air repositioning strategy.
• Broader transaction activity in grocery-anchored retail across the Inland Empire, where supply remains limited.

Source: original release