Panattoni Begins Construction on New 450,000 Sq. Ft. Rancho del Chino Shopping Center in Chino, CA
Panattoni Development Company’s retail division, headquartered in Irvine, Calif., has begun construction on the 450,000-square-foot retail development project, Rancho del Chino in Chino, Calif. Upon completion, the project will consist of Home Depot, an electronics retailer, a department store and an office supply store as well as several shops and restaurants. Home Depot and 39,000 square feet of retail shop space are slated to open in January 2008.
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December 19, 2006 (FPRC - IRVINE, CA) – Panattoni Development Company’s retail division, headquartered in Irvine, Calif., announced today that construction has begun on the Rancho del Chino shopping center in Chino, Calif. Situated in one of the fastest growing regions in the country, the 450,000-square-foot retail development project is located at the northeast corner of Ramona Avenue and Chino Hills Parkway on some of the last undeveloped agricultural land west of Chino’s Central Avenue. Upon completion, the project will consist of a leading home improvement retailer, electronics retailer, department store and office supply store as well as several shops and restaurants.
Currently, Home Depot is under contract to purchase 9.2 acres from Panattoni and is expected to open a 106,278-square-foot store plus a 34,760-square-foot garden center. Home Depot and 39,000 square feet of retail shop space are slated to open in January 2008.
According to Jeff Pintar, a partner with Panattoni Development Company and head of the company’s retail division, “The demand for retail remains extremely strong in this area. There are presently more than 920,000 people within 10 miles of the project and, just east of the site, an additional 67,000 new homes have been approved for development in new master-planned residential developments such as The Preserve, Eastvale and College Park.”
The excellent demographics and new residential growth make this site an outstanding opportunity for expansion-minded retailers,” Pintar adds. Within a three-mile radius of the project, the average household income is $87,572.
“The influx of well-educated professionals and skilled labor has attracted companies to the Inland Empire and these companies need space. To meet this demand, Panattoni also plans to build up to approximately 328,000 square feet of office and light industrial space on an additional 19 acres on the northeast side of the retail project,” adds Pintar. The office and light industrial space is expected to be completed in the fourth quarter of 2007.
Architects Orange is the project’s designer and Panattoni Construction is the general contractor.
For leasing information, contact Bill Bauman, Colliers Seeley International, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; telephone: 213-532-3262, fax: 213-327-3262 or via bbauman@colliers-seeley.com.
About Panattoni Development Company
Panattoni Development Company (PDC) is a privately held, full service development company founded in 1986 by Carl Panattoni. During the last five years the firm has averaged nearly 10 million square feet of development annually, one of the most active records in the United States. PDC has developed and managed industrial, office and retail facilities in more than 100 markets throughout the United States. The firm is headquartered in Sacramento, California, and maintains over 22 regional offices in the United States, Canada and Europe. For more information about Panattoni Development Company, visit the company website at www.panattoni.com.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Panattoni Development, Rancho del Chino, Home Depot
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