Champion Real Estate plans $30M shopping center development
Champion Real Estate Company is planning to demolish a retail center in Glendora anchored by a shuttered Ralph’s to make way for a smaller shopping center.
The development costs, including the price of acquiring the existing 85,615-square-foot grocery building at 655 South Grand Avenue, will total $30 million, The Real Deal has learned.
Champion plans to reconfigure the San Gabriel Valley property as a smaller 70,500-square foot grocery-anchored neighborhood shopping center.
The City of Glendora Planning Commission approved Champion’s development plan in March. A subsidiary of the firm, which purchased the property, is now obtaining demolition and building permits.
“Glendora is a very strong infill suburban community in the Los Angeles San Gabriel Valley that has recently seen several major mixed-use residential projects which have added close to 400 new homes in the last several years,” Chris Wilson, Champion’s executive vice president and retail partner, said, adding that he would be pursuing national chain retailers.