Shops at Dos Lagos in Corona Goes for $47M

A 351,200-square-foot lifestyle shopping center in Corona recently sold for $47.37 million or $135 per square foot. The Shops at Dos Lagos is a 351,200-square-foot lifestyle shopping center that was built in 2006. The property is situated within the Dos Lagos Specific Plan area.

NAI Capital Commercial’s Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing and Mohit Uppal in the firm’s Irvine office represented the seller, The Shops at Dos Lagos, and the buyer, Barret Woods and OERP LLC, in the transaction.

The Shops at Dos Lagos was the first phase of a two-phase retail shopping center development that was to consist of retail, multifamily and hotel space totaling 700,000 square feet. Phase II was not included in the sale.

The Shops at Dos Lagos sits on 47.4 acres that includes four inline shop buildings, four ground-leased restaurant pads, a 15-screen movie theater and an additional 7,000-square-foot pad available for lease or development.

Kim Calabrano of SVN Vanguard was the leasing broker for the property for the last few years, bringing it up to 90 percent occupancy so it could pencil for the sale. The previous vacancy contributed to the lack of funding.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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