NEWPORT BEACH, Calif.--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (CBRE) today announced the completion of a $79 million disposition of the Crossroads Marketplace (top left photo) in Chino Hills, Calif.Philip D. Voorhees, Todd Goodman and Kirk Brummer of CBRE’s National Retail Investment Group - West, arranged the transaction on behalf of the undisclosed seller.
The buyer was SKT Investments, which assumed the seller’s CMBS loan on the property.
“This sale demonstrates CBRE’s ability to reach ‘one-of-a-kind’ private buyers that are intermittently in the market.
Database-driven, cooperative marketing uncovered a broker representing a foreign investor with an immediate requirement for a large, high quality center.
Compared with portfolio sales, selling properties individually continues to yield the highest pricing and greatest surety of closing for sellers,” said Mr. Voorhees.
Located at the southwest corner of Peyton Drive and the 71 Freeway, the Crossroads Marketplace is a 539,270 square foot retail center that includes a first tier anchor and shop tenant mix, including PetSmart, Best Buy, Bed Bath & Beyond, Steinmart, Sport Chalet and CVS Pharmacy.
Contacts: CB Richard Ellis, Robert McGrath, 212-984-8267, Robert.mcgrath@cbre.com or Christy Ingle, 949-751-9200, christy.ingle@cbre.com
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