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Wood Investments Companies Acquires Single-Tenant Building Occupied by 99 Cents Stores in Chino Hills for Value-Add Opportunity

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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.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

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Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank

As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.

At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.

Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.

This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.

Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.

The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.

This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.

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Inland Empire Celebrates Entrepreneurial Excellence at Spirit Awards Gala

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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.

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Inland Empire Chamber President Edward Ornelas, Jr. Named Finalist for Spirit of the Entrepreneur Awards

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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

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