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ValueRock Repurposes Vacant Lowe’s as Multi-Tenant Community Center
ValueRock Realty, a national real estate investment and operations company, has slated the grand opening of The Commons, a repurposed 21-acre mixed-use project located in Aliso Viejo, for Dec.14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s Improvement Warehouse into a multi-tenant community center with tenants such as Tesla, 99 Ranch Market, Daiso, Philz Coffee and others. A 343-unit residential component has been proposed.
“The Commons is an innovative redevelopment to meet community needs,” said David Lee, founder and CEO of ValueRock. “As antiquated big-box retailers continue to reduce space needs, our team envisioned and paved the way for a diverse group of globally and regionally recognized brands to come together to create a dynamic new concept that blends exciting shopping experiences and living.”
ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big-box stores began to close rapidly across the country.
- ◦Development
