May 2, 2017 – Laguna Beach-based Wood Investments Inc. is looking to revitalize the historic intersection of Euclid and Foothill in Upland (San Bernardino County), California with the $18.5 million acquisition of Upland Village, a 153,000 square foot (sf) shopping center that was only 10% occupied at the time of the sale.
Upland Village, formerly occupied by a 65,000 sf Dick’s Sporting Goods that has been dark for over seven years, is currently only leased to 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Ave.
“The seller, Upland Village Center, LP, had owned the property for more than 35 years and was looking for a buyer that could complete their vision for the center,” said Charley Simpson, a broker with Cushman & Wakefield in Irvine, who along with partner Dixie Walker of the firm, represented the buyer in the transaction. The seller represented itself.
The center was built in 1968 and is located in the heart of the established residential community of Upland at the northeast corner of Euclid Blvd. and Foothill Blvd., one of the busiest intersections in Upland with an average of over 100,000 cars per day.
Wood Investments Inc. and its partners plan to redevelop the property over time. The first phase will include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane’s. Wood Investments Inc. is already in the pre-leasing stage for phase two.
“This is an iconic intersection for the city of Upland. We look forward to working with the City to complement their vision for this area and create a vibrant retail experience for the surrounding community,” said Patrick Wood of Wood Investments Inc.