A New York-based real estate investment trust dropped nearly $140 million on a shopping complex in San Bernardino County.
Brixmor Property Group purchased Chino Spectrum Towne Center from MetLife Investment Management for $138 million, the Los Angeles Times reported. CBRE’s Jimmy Slusher, Preston Fetrow, James Tyrrell, Mark Damiani and Shaya Northrup represented the seller of the 461,269-square-foot retail center; the buyer’s representation was not disclosed.
The outdoor mall at 3801-4097 Grand Avenue in Chino is currently 95 percent leased and comprises 20 separately owned parcels. Tenants include newly opened grocery anchor H Mart and other anchors including Walmart Supercenter and Sam’s Club, as well as other big-box stores like Kohl’s, Five Below, Best Buy and Nordstrom Rack. The mix of “specialty and value-oriented” tenants was “attractive to investors, as evidenced by the competitive bidding” process for the shopping center, Slusher said in a statement, per the Times.
Other bidders included institutional investors, public and private REITs, private 1031-exchange participants and high-net-worth family offices.
“This demand was driven by evolving consumer trends, the prevalence of all-cash investments and the increasing densification of markets such as Chino,” Slusher said.
Chino Spectrum Towne Center brings in more than 14 million visitors per year, according to the Times. The property’s split-lot nature allows flexibility and diversity of ownership if Brixmor opts to sell portions to other investors.
Brixmor’s purchase of Chino Spectrum Towne Center isn’t its first grocery-anchored retail buy in Southern California. In 2022, the firm acquired the 182,000-square-foot Brea Gateway Center in Brea for $85.7 million.
The Chino Spectrum Towne Center sale is MetLife Investment Management’s latest disposition involving its retail portfolio. Last September, the MetLife investment arm listed The Overlook at Oak Brook, a 54,000-square-foot property in the Chicago suburb of Oak Brook, a year after purchasing it for $41 million.
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