LOS ANGELES, June 14, 2016 /PRNewswire/ -- Champion Real Estate Company ("Champion") announces the acquisition of a grocery-anchored neighborhood retail center in the City of Glendora, California. The property consists of an existing 85,615 square foot, free-standing, and vacant former grocery building located at 655 S Grand Avenue.
Champion intends to reconfigure and reposition the property as a smaller 70,500 square foot grocery-anchored neighborhood shopping center that will include several national, credit tenants. The center also is designed with two new retail pads in the existing parking field plus additional supporting retail to expand the tenant base and meet community needs.
"The center is well-positioned with excellent frontage to the dominant retail corridor in the area," commented Parker Champion, Senior Vice President. "We are confident that this value-add repositioning will transform the property into a highly-desired neighborhood center."
The City of Glendora Planning Commission approved Champion's repositioning and development plan on March 1, 2016. The vacant former grocer has been acquired by a Champion affiliate which currently is obtaining demolition and building permits.
"Glendora is a very strong infill suburban community in the Los Angeles San Gabriel Valley that has recently seen several major mixed-use residential projects which have added close to 400 new homes in the last several years," stated Chris Wilson, Executive Vice President and retail partner for Champion. "Our retail division continues to look for similar investments that have adaptive re-use applications for major chain retailers."
Champion recently acquired Village Green Hills Apartments in Nashville, Tennessee, as well as other Class "A" retail and multifamily properties in California and other prime locations.
About Champion Real Estate Company
Champion Real Estate Company ("Champion") was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West Los Angeles, Champion's investment strategy is to acquire infill properties in "A" locations within markets that are core, core adjacent or gentrifying to core and implement value accretive improvements to achieve above-market returns. Since 1995, Champion has completed projects valued in excess of $1 billion and 2.5 million square feet. For more information, visit www.ChampionRealEstateCompany.com.
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SOURCE Champion Real Estate Company