Wood Investments Companies, Inc., led by Patrick Wood, has acquired a former Kmart building in Big Bear Lake, California. The development site, located at 42126 Big Bear Blvd, spans 7.49 acres and has been purchased for a total sale price of $6,500,000. Wood Investments Companies plans to construct an 80,800-square-foot grocery-anchored shopping center on the property.

Summary of Transaction Details:

• Property Type: Development Site
• Sale Price: $6,500,000
• Date: 04/26/2023
• Address: 42126 Big Bear Blvd
• Market: Big Bear Lake
• Asset Type: Development Site
• Acres: 7.49

The buyer's representative in this transaction was Charley Simpson from Colliers International. The deal was facilitated by them to ensure a successful acquisition on behalf of Wood Investments Companies, Inc. Construction on the grocery-anchored shopping center is scheduled to begin in the fourth quarter of 2023, with an anticipated opening in March 2024. The development is set to feature an anchor Grocery Outlet, a soft goods retailer, and an additional third tenant, currently in lease negotiations.