Stockdale Capital Partners and Hamilton Lane acquired a roughly 178K SF Southern California retail center for $157M, both companies announced Monday. The open-air lifestyle center, called The Shoppes at Chino Hills, was developed in 2008.

Stockdale led the transaction with Hamilton Lane as a co-investor, according to a release from the buyers.

“The Shoppes at Chino Hills represents an opportunity to acquire a true ‘Main Street’ retail environment in one of Southern California’s most desirable and supply-constrained submarkets,” Bastian Peters, co-head of Stockdale’s retail platform, said in a statement.

“With its strong demographics, experiential tenant mix, and embedded growth potential, the property aligns perfectly with our strategy of acquiring high-quality retail destinations where we can unlock additional value,” Peters added.

Stockdale will be the fourth owner of the property since it was completed by the original developer, Opus West. The most recent owner of record was Dallas-based Dunhill Partners, which bought the property in 2015 for $147M, according to the Chino Valley Champion.

Stockdale shared that it will rename the property to The Shops at Chino Hills. Additional plans for repositioning the property will be shared in the coming months, according to a release.

To help Chino Hills meet state-mandated housing requirements, the city designated The Shoppes a mixed-use development in 2021, meaning up to 267 housing units could be built over retail storefronts on 5.7 acres along the southeastern part of the property, according to the Champion.

The Inland Empire retail market had an overall vacancy rate of 7.3% in the second quarter.

Stockdale has been busy in the retail space. In December 2024, it purchased The Oaks retail center in Thousand Oaks, California.