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Center Sheds for Nearly $26M in 1031 Exchange

CHINO HILLS, CA-Partnership dissolution puts 90,979-square-foot property on market with $18.98 million assumable loan.

By John McCloud | Updated on April 23, 2009

CHINO HILLS, CA-A 1031-Exchange buyer paid $25.53 million for Crossroads Entertainment Center, a 90,879-square-foot regional retail center anchored by an 18-screen Harkins Theatres complex. Located at 3060-90 Chino Ave., the 10.54-acre property was completed in early 2007 and was being sold as part of a partnership dissolution.

The center, which has direct access from the 71 Freeway and “monument” signage visible to more than 190,000 cars per day, is 98% occupied. The tenant roster by a mix of regional and national tenants including Z Pizza and Kiku Sushi as well as the Harkins theater, the only similar new multiplex in a 10-mile radius. In addition to Chino Hills, the property serves the neighboring cities of Ontario, Diamond Bar, Chino and Montclair.

The buyer was GAS Distomo Inc. of Long Beach, CA, which was represented by Mitch Rosen of Commercial Real Estate Services. Donald MacLellan, senior managing director, and Nicholas Coo, managing director, of Faris Lee Investments in Irvine, CA, represented the Los Angeles-based seller, 26 Del Sur Crossroads I LLC.

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