Business
Wood Investments Companies Acquires Single-Tenant Building Occupied by 99 Cents Stores in Chino Hills for Value-Add Opportunity
ACQUISITION ALERT
A leading California commercial real estate investment and management company specializing in retail, announced today the acquisition of a single-tenant retail investment occupied by 99 Cents Only Stores totaling 28,240 square feet on 2.09 acres in Chino Hills, California. The purchase price was $2.5 million.
99 Cents Only is located at 4050 Chino Hills Parkway in the Chino Hills Parkway shopping center, at the signalized intersection of Chino Hills Parkway and Pipeline Avenue, adjacent the 71 Chino Valley Freeway on/off-ramp.
According to Managing General Partner Patrick Wood of Wood Investments Companies, “Wood Investments Companies recognized a unique opportunity to purchase an infill, essential needs property at a discount to replacement cost in a highly desirable Chino Hills location. The current in-place rent is below-market providing Wood Investments Companies with the ability to capture significant future upside upon the expiration of the 99 Cents Only lease.”
Wood Investments Companies plans to hold the property for cash flow until the end of the 99 Cents Only lease and will either negotiate a new lease with 99 Cents Only or another essential needs/grocery tenant at market rents. The execution of the business plan will take approximately three to five years to complete.
“This is a great value-opportunity for us in the established trade area of Chino Hills,” said Wood. “We acquired the store at well-below the current replacement cost with well-below market rent, providing significant future upside.”
According to Wood, Grocery Outlet recently signed a lease in the former Big Lots space at the Chino Hills Parkway shopping center, proving the tremendous opportunity. Other tenants in the shopping center include 7-Eleven, Jack in the Box, AutoZone and H&R Block. Chino Hills Parkway Center is located in a dominant retail trade area that is surrounded by tremendous residential growth, superior existing demographics and features strong traffic counts (50,400 CPD) along Chino Hills Parkway.
99 Cents Only is also located across the street from Chino Hills Marketplace and includes Smart & Final Extra!, Turner’s Outdoorsman, Rite Aid, Dollar Tree, Circle K, Starbucks, Chase, Bank of America, The Habit Burger Grill, Taco Bell, El Pollo Loco and Carl’s Jr.
The 28,240-square-foot building, which was originally built in 1974 for Alpha Beta, allows for multiple re-tenanting strategies or even subdividing the space. “Chino Hills is poised to benefit from the tremendous growth that is occurring in surrounding cities including Ontario and Rancho Cucamonga,” Wood noted.
The seller was represented by Patrick Wade, Alex Kozakov and Jake Hayutin of CBRE’s South Bay office in El Segundo, California. Wood Investments Companies, the buyer, was self-represented. Private equity real estate investment firm, JDI Realty, LLC of Chicago, is the lender.
“Wood Investments Companies has continued to successfully acquire essential retail value-add and core-plus real estate,” Wood stated. “Despite COVID-19 causing significant disruption in the commercial real estate and mortgage markets, Wood Investments Companies is still equipped to close on new opportunities. Wood Investments Companies has significant expansion plans and will be an active buyer in the coming year.”
Late last year, Wood Investments Companies purchased a two-property retail investment totaling nearly 300,000 square feet and 31.7 acres in Twin Falls, Idaho; a two-tenant retail investment occupied by Food 4 Less and Ross Dress For Less totaling nearly 94,000 square feet on 7.45 acres in San Bernardino, California; and a 7,002-square-foot, single-tenant, net-lease property occupied by Aaron’s in Bakersfield, California.
Business
Inland Empire Celebrates Entrepreneurial Excellence at Spirit Awards Gala
Honoring Visionary Leaders Driving Innovation and Community Impact
The Spirit of the Entrepreneur Awards Gala, held at the Riverside Convention Center, celebrated the brightest entrepreneurial talent across the Inland Empire. Among the evening’s finalists was Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, who was honored in the Social Entrepreneur category for his outstanding leadership and commitment to the region.
Although Ornelas did not win, the Social Entrepreneur award went to Cesar Navarrete, President & CEO of Children’s Fund, a proud Chamber member. “Being a finalist alongside such remarkable leaders is an incredible honor,” said Ornelas. “I am especially thrilled to see Cesar, a Chamber member, recognized for the transformative work he’s doing to improve the lives of children in our community. It’s a proud moment for us all.”
Another highlight of the evening was the recognition of Hilda Kennedy, President & Founder of AMPAC Business Capital, another Chamber member, who was awarded the Top Female Entrepreneur category. Hilda’s leadership at AMPAC, a mission-driven business lender, has been instrumental in empowering small businesses and fostering economic growth across the region.
“It’s amazing to see leaders like Hilda and Cesar being celebrated for their contributions,” added Ornelas. “Their achievements underscore the talent and dedication of entrepreneurs in our Chamber and across the Inland Empire. They are setting the standard for excellence and impact in their fields.”
The evening also featured the prestigious “Best of the Best” Award, sponsored by Best Best & Krieger LLP, which was awarded to Mauro Gomez, Chief Growth Officer of Anita’s Mexican Foods Corp.. Based in San Bernardino, Anita’s Mexican Foods has grown from modest beginnings into a leader in the food production industry under Gomez’s strategic direction.
The Spirit of the Entrepreneur Awards Gala continues to shine a spotlight on the transformative work of Inland Empire entrepreneurs, celebrating their innovation, resilience, and commitment to the community.
For more information about the Spirit of the Entrepreneur Awards, visit https://www.spiritawardsie.com.
For more details about the Inland Empire Regional Chamber of Commerce and its members, visit www.iechamber.org.
Business
Inland Empire Chamber President Edward Ornelas, Jr. Named Finalist for Spirit of the Entrepreneur Awards
Celebrating Leadership and Innovation: Ornelas Recognized for Advancing Business Growth and Social Impact in the Inland Empire.
Edward Ornelas Jr., President of the Inland Empire Regional Chamber of Commerce and owner of the Inland Empire Business Journal, has been named a finalist in the famed 2024 Spirit of the Entrepreneur Awards. Ornelas is honored in the Social Entrepreneur category for his remarkable leadership and vision in fostering business growth and development across the Inland Empire. The award ceremony will take place on November 21, 2024, at the Riverside Convention Center, celebrating the best of entrepreneurship throughout the region.
The Spirit of the Entrepreneur Awards, often regarded as the “Oscars of Business” in the Inland Empire, recognizes the innovation, leadership, and impact of outstanding entrepreneurs across various sectors. Ornelas joins a select group of 34 finalists, each representing the entrepreneurial spirit and resilience that define the I.E. business community. The Social Entrepreneur category highlights individuals like Ornelas, whose work goes beyond profit to positively impact society.
In his role as President of the Inland Empire Regional Chamber of Commerce, Ornelas has been a powerful advocate for the business community, connecting small businesses with essential resources and creating opportunities for growth. As the owner of the IE Business Journal, the only publication in the region dedicated solely to business news, Ornelas has provided a platform for local businesses to thrive by sharing their stories and promoting their success. His innovative, forward-thinking approach to marketing has earned him a reputation as a “visionary” and a “get-things-done” leader across both public and private sectors.
“I’m deeply honored to be recognized as a finalist for the 2024 Spirit of the Entrepreneur Awards. This nomination is a reflection of the incredible businesses and community leaders across the Inland Empire who inspire me every day. At the Inland Empire Regional Chamber of Commerce, our mission is to empower businesses and foster economic growth, and this recognition highlights the collective efforts of our entire community. I’m excited for what the future holds as we continue to work together to make a lasting impact,” said Ornelas.
Other notable finalists for the 2024 Spirit of the Entrepreneur Awards include leaders in healthcare innovation, green technology, and digital transformation. Each finalist, selected by a distinguished panel of judges, represents the best in their respective industries and contributes to the Inland Empire’s continued growth as a hub of innovation and entrepreneurship.
The Spirit of the Entrepreneur Awards is an annual event that brings together business leaders, community advocates, and entrepreneurs to celebrate the entrepreneurial excellence that drives the region’s economy. This year’s event promises to be a night of inspiration and recognition, showcasing the achievements of finalists like Ornelas, who continue to elevate the Inland Empire’s business landscape.
For more information about the Spirit of the Entrepreneur Awards and to see the full list of finalists, visit www.spiritawardsie.com.
Business
CBRE Opens Newly Renovated, Tech-Enabled Office in the Inland Empire
The office is designed to support hybrid work and employee wellbeing
CBRE announced the opening of its new 10,159-sq.-ft. office suite on the ground floor of 4141 Inland Empire Blvd., in Ontario, Calif.
The office is part of CBRE’s Workplace360 program, which features innovative office designs and functionality, including in-office technology and a wider variety of collaborative spaces designed to support hybrid working. CBRE launched its Workplace360 program over a decade ago in its downtown LA office. Since then, the company has opened more than 100 Workplace360 offices worldwide, continually updating the program as work habits have changed over the years, especially with the increase in hybrid work.
“Our newly renovated space provides us with a great opportunity to deliver a collaborative, experience-driven workplace that supports hybrid work,” said Ian Britton, managing director and market leader for CBRE in Inland Empire. “Our Workplace360 office will also serve as a showpiece to help clients conceptualize flexible work strategies for their employees.”
The renovated office has several different work areas including focus, huddle, living, and conference rooms. The open-space lobby, known as the “Heart,” features a variety of seating and a communal space for collaboration. A large 86” media display with a speaker system welcomes employees, visitors, and clients and assists with onsite events.
New office technology, including touch-enabled video conference rooms, allows for hybrid work collaboration between in-office and remote employees and clients. Additionally, the Mt. Baldy conference room has Liquid Galaxy, a geospatial visualization platform set across large format curved screens providing a cinematic presentation experience. This room has an operable wall that opens to the Heart, creating an onsite event space.
A cornerstone of the Workplace360 model is its free-address approach, in which there is no dedicated seating. The free-address approach allows employees who are in the office on a given day to use any workstation or office.
The office’s design led by CBRE Design Collective, took inspiration from the Inland Empire’s orange groves and mountainous landscapes of Mt. Baldy. Images of Route 66 from local photographer VC Torneden features the role the highway plays in the area.
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