Orange County, CA, December 21, 2017 --(PR.com
)-- Wood Investments, a leading Orange County commercial real estate investment and management company specializing in retail, today announced the acquisition of Perris Plaza, a 150,148 square foot grocery-anchored shopping center on 38 acres in Perris, California for an undisclosed amount. Centrally located adjacent to the 215 Freeway at the West Nuevo Exit, Perris Plaza offers convenient access for local and regional shoppers.
Nuevo Perris, LLC, a joint venture among Wood Investments, Joel H. Farkas of American Gateway Resources, a real estate development company based in Colorado, and SandTree Holdings, an El Segundo-based private real estate investment firm, acquired the property.
HFF, one of the largest and most successful commercial real estate capital intermediaries, represented the seller and Fortress Investment Group, a leading global investment manager, provided debt financing to Nuevo Perris, LLC.
Perris Plaza is a 150,148-square foot grocery-anchored shopping center. Existing tenants include Food4Less (grocery and new fuel station), Rite Aid, Regency Theatres, Starbucks, Del Taco, IHOP and many others. Nuevo Perris, LLC plans to nearly double the size of the shopping center to over 300,000 square feet with the addition of promotional retailers, fitness and restaurants. Leasing has already commenced.
“We are excited about the opportunity to expand the plaza to become the most impactful community center in Perris,” said Joel H. Farkas of American Gateway Resources. “With the growing population in Perris and relocation of Walmart in 2015 to the adjacent parcel north of Perris Plaza, we anticipate Perris Plaza will become the focal point for retail in the growing trade market.”
“We appreciate the Coudures Family and HFF for entrusting us with a property that has been with the seller’s family for multiple generations and has served the community of Perris for nearly 25 years. We plan to build on the foundation of an already incredible destination and make it an indispensible community attraction for current and future residents of the area,” said Patrick Wood of Wood Investments.
For more information, visit http://www.woodinvestments.com.
About Wood Investments
Wood Investments is operated and managed by Patrick and James (Jim) T. Wood. Headquartered in Orange County, Wood Investments is a privately held commercial real estate investment and management firm that acquires, owns, operates and develops commercial retail properties with a focus on value-add development and investments. The managing partners have over 40 years of combined experience and success in the California commercial real estate industry.