ONTARIO, Calif. – RealEstateRama – Wood Investments Companies, Inc., a commercial real estate investment and management company specializing in retail, announced today the acquisition of 19.6 acres in the brand-new Ontario Ranch master-planned community in the city of Ontario, California, to develop a 206,072-square-foot retail center anchored by a national grocery tenant, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness with more tenants to be announced. The purchase price was $18.49 million. This is Wood Investments’ seventh acquisition in the Western United States in the last 19 months for a combined value of $138.34 million including $70 million in the last four months.
“We are already 70% pre-leased and expect to soon announce more tenant names including several top restaurants,” reports Greg Vujnov, Wood Investments Companies’ chief operating officer. “Retailers recognize the tremendous population growth in the Ontario Ranch master-planned community. The strong, tenant lineup for retail, food and services will draw from a young and growing residential area, along with a dynamic daytime population.”
The Ranch at Model Colony Shopping Center will be located at the heavily traveled intersection of Ontario Ranch Road and Hamner Avenue, about a half-mile from the Interstate 15 freeway. The property is situated in the brand-new Ontario Ranch housing and employment area with over 46,000 homes built, under construction or entitled. The population in the Ontario Ranch master-planned community is expected to double within the next 20 years.
According to Vujnov, “This area of Ontario is often referred to as ‘the Irvine of the Inland Empire.'”
Located in southwestern San Bernardino County, the city of Ontario was founded in September of 1882 by brothers George and William B. Chaffey and was named after their home, Ontario, Canada. In 1903, Ontario was declared The “Model Colony” as an Act of Congress of the United States for its innovation, principles and establishment of a new standard for urban living.
The property is also situated across from a high-volume Costco, In-N-Out Burger, Chick-fil-A, Quick Quack Car Wash and one million square feet of Amazon distribution centers. The location also benefits from its proximity to the Ontario International Airport. A new proposed Chaffey Community College is expected to be under construction on the adjacent the property along Ontario Ranch Road in the near future.
CBRE First Vice President Brian McDonald and Senior Vice President Walter Pagel represented Wood Investments Companies in the sales and lease transactions. The seller was GDC RCCD 2 LP in San Diego, California, and was also represented by CBRE.
According to Vujnov, Wood Investments Companies continues to look for well-located value-add opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create sustainable and new shopping experiences.
About Wood Investments Companies, Inc.
Wood Investments Companies (WICo) is headquartered in Costa Mesa, California, and operated and managed by Patrick Wood with the WIC team consisting of partners Matthew Bush and Jeff Hopkins. WICo is a privately held commercial real estate investment and management firm that acquires, owns, operates and develops commercial retail and housing properties with a focus on value-add development and investments located throughout the Western United States. The company and its sister companies have over 40 years of combined experience and success in the commercial real estate industry. See www.woodinvco.com.
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