LOS ANGELES--()--Allied Retail Partners, LLC announces a joint venture with Dallas-based Stratford Land to acquire 42 acres of highly desirable land in Upland and Claremont, California. The new mixed-use project, Park View, is located at the 210 Freeway and Baseline Road. Allied Retail Partners, LLC will lead planning for the infill site and will likely involve other companies and builders in constructing 400 homes and a 100,000-square-foot community shopping center. Additionally, the City of Upland plans to develop a 57-acre recreational sports park adjacent to the project with direct access through the property. The value of the transaction was not disclosed.
“There is very little competing new housing and new retail product available, nor land available in the area for development of such product. Demand from homebuilders, homebuyers and retailers is projected to increase significantly as Southern California’s residential and retail markets continue to stabilize.”
The land, originally optioned by Allied Retail Partners in 2003, was zoned open space at the time, and was subsequently entitled by the company.
“The visibility, access and demographic attributes of the land and area are excellent in all regards and highly suited for housing and retail use,” explained Doug Beiswenger, principal at Allied Retail Partners. He added, “There is very little competing new housing and new retail product available, nor land available in the area for development of such product. Demand from homebuilders, homebuyers and retailers is projected to increase significantly as Southern California’s residential and retail markets continue to stabilize.”
Upland and Claremont are primarily infill, mature markets comprised of upper income households. Within a one and one-half mile radius of the site, there are approximately 21,000 residents with an average household income greater than $106,295. Within a three-mile radius, there are approximately 105,000 residents with an average income of $82,955. In addition, there is extraordinarily rapid residential growth, especially at higher income levels, throughout the region and a corresponding consumer demand for quality retailers and restaurants.
“The reputation of Allied Retail Partners and the demographics of the site make this a very desirable partnership for us. Stratford Land believes the Southern California market offers excellent investment opportunities and we look forward to being part of this outstanding project as well as others,” said Diane Belcher, Director of Investments – Arizona and Southern California for Stratford Land.
In February 2011, Stratford Land announced its first Southern California transaction, a partnership with The Corky McMillin Companies in the ownership of the urban center of the Millenia project in Chula Vista, California. In addition to equity investing, Stratford Land also provides non-recourse debt financing for land projects for a variety of purposes including acquisitions, refinancing, return of equity, horizontal development and note purchases.
Stratford Land has decades of proven land investment success and astute financing practices as investment managers. The company’s financial strength enables it to acquire and hold land during various economic cycles, enabling the development of land to its highest and best use.
About Stratford Land
Stratford Land has 25 years of successful land investment management on behalf of institutional investors. Based in Dallas, Texas, Stratford Land focuses on acquiring properties and providing funding in high-growth corridors in Texas, Arizona, southern California, Colorado, Tennessee and the eastern seaboard from Virginia to Florida. Regional offices are currently located in Phoenix, Atlanta, Denver, Jacksonville and Raleigh. www.stratfordland.com
About Allied Retail Partners
Allied Retail Partners, LLC is a privately-held real estate company that specializes in the acquisition and development of shopping centers and mixed-use projects throughout California and major markets in the Western United States. The company focuses on well-located, underutilized properties in primary markets and creates value through asset management, development, repositioning, and property enhancement. The primary goal of the company is to leverage its experience, retailer relationships and local market knowledge to create high quality shopping destinations that provide long-term benefits for the surrounding communities, cities and tenants while maximizing value and investment return for the company and its partners.
For more company information, visit www.alliedretailpartners.com.
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