Barret Woods And OERP LLC Acquire Retail Property In Corona For $47.37M

The property involved in the transaction is a 351,200-square-foot lifestyle shopping center located at 2780 Cabot Dr, Corona, CA, 92883. The asset, known as The Shops at Dos Lagos, was sold for $47.37 million, equivalent to $135 per square foot. The shopping center is part of the Dos Lagos Specific Plan area and was constructed in 2006.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $47,370,000.00
• Market: Corona
• Buyer: Barret Woods and OERP LLC
• Seller: The Shops at Dos Lagos
• Square Footage: 351,200
• Buyer's Representative: Steve Julius(Newmark)
• Seller's Representative: Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing, and Mohit Uppal (NAI Capital Commercial)
• Leasing Broker: Kim Calabrano (SVN Vanguard)

NAI Capital Commercial's team from the Irvine office, including Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing, and Mohit Uppal, represented both the buyer, Barret Woods and OERP LLC, and the seller, The Shops at Dos Lagos, in the transaction. Kim Calabrano of SVN Vanguard served as the leasing broker for the property, working to increase occupancy to 90%, a crucial factor for the sale to move forward. The Shops at Dos Lagos consists of various buildings and amenities, such as shop buildings, restaurant pads, a movie theater, and additional space available for leasing or development. The property's development was initially planned in two phases, with Phase II not included in the recent sale.