ShopOne Enters CA Retail Market
- Nov 09, 2017
ShopOne Centers REIT Inc. acquired McKinley Crossroads, a 202,134-square-foot community retail center in Corona, Calif. This purchase marks the firm’s entry into the California retail market.
“We are pleased to add McKinley Crossroads to ShopOne’s new and growing portfolio,” said Michael Carroll, chief executive officer of ShopOne Centers REIT Inc., in prepared remarks. The retail center has both local and national tenants, including anchors such as 24-Hour Fitness and Simply Fresh Market.
McKinley Crossroads at 275 Teller St. is located parallel to State Route 91 and is near a four-way highway interchange, with Los Angeles 45 minutes away. Built in 1989 and renovated in 2000, the property is a three-building asset situated on 14 acres.
The buyer plans to redevelop and reposition the center to bring in best-in-class retailers. ShopOne will invest capitals to improve the curb appeal of the property. Upgrades will include a new parking lot, energy efficient lighting and enhanced signage and façade.
“The property is an income-producing, retail center that offers a tremendous growth opportunity. We view this as a strategic acquisition and look forward to redeveloping and repositioning the center with best-in-class retailers looking to capitalize on the property’s unparalleled visibility to Riverside Freeway,” added Carroll.
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