Stockdale Pays $157 Million for Chino Hills Shopping Center

The Los Angeles firm and Hamilton Lane will rebrand and reposition the 378,000-square-foot property anchored by Trader Joe's and Barnes & Noble.

By the Family Office Real Estate Daily Desk·Thursday, September 17, 2026·1 min read

Editorial summary of reporting byCommercial Observer Our editorial standards →

The answer · checked against Commercial Observer

Who bought the Shoppes at Chino Hills and for how much?

Stockdale Capital Partners and Hamilton Lane funds paid $157 million for the Shoppes at Chino Hills, a 378,140-square-foot lifestyle center at 13920 City Center Drive in Chino Hills, California. The more than 25-acre property, developed in 2008 and anchored by Trader Joe's and Barnes & Noble, will be rebranded the Shops at Chino Hills and repositioned to attract more national retailers, restaurants, and experiential concepts.

Key facts

Stockdale Capital Partners and funds managed by Hamilton Lane paid $157 million for the Shoppes at Chino Hills, a 378,140-square-foot lifestyle center in Chino Hills, California.
The property at 13920 City Center Drive was developed in 2008 and sits on more than 25 acres, anchored by Trader Joe's and Barnes & Noble.
Stockdale plans to rename the property the Shops at Chino Hills and pursue a rebranding, remerchandising, and repositioning program, according to the buyers.
Bastian Peters, who co-heads Stockdale's retail platform with Jeff Bhathal, said the property represents a 'Main Street' retail environment in 'one of Southern California's most desirable and supply-constrained submarkets.'
Hamilton Lane co-head of real estate Scott Davies cited 'limited supply and strong demand from both consumers and retailers' as factors making the asset attractive.
Stockdale Capital Partners manages more than $3 billion across real estate sectors including retail, multifamily, hospitality, health care, and office.

Stockdale Pays $157 Million for Chino Hills Shopping Center — Image: editorial illustration · Story sourced from Commercial Observer

Stockdale Capital Partners and funds managed by Hamilton Lane paid $157 million for a 378,140-square-foot shopping center in Chino Hills, Calif., as investor appetite for open-air retail continues to strengthen.

The buyers acquired the Shoppes at Chino Hills, a lifestyle center at 13920 City Center Drive anchored by Trader Joe's and Barnes & Noble. The property sits on more than 25 acres and was developed in 2008. Its tenant roster includes national retailers, restaurants and experiential concepts serving more than 300,000 residents within five miles, the buyers said.

Stockdale plans to rename the property the Shops at Chino Hills and pursue a rebranding, remerchandising and repositioning program to attract national retailers, restaurants and concepts that are underrepresented in the market, the firm said. The buyers did not disclose the property's current occupancy rate.

"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, who co-heads Stockdale's retail platform with Jeff Bhathal, said in a statement.

The acquisition comes as investors have become increasingly confident in retail, especially in open-air and grocery-anchored shopping centers. Scott Davies, co-head of real estate at Hamilton Lane, said the combination of "limited supply and strong demand from both consumers and retailers" made the asset attractive.

Sponsors who insist that undisclosed occupancy is immaterial are sponsors who have not yet priced the lease-up into the return, family office advisor Jaf Glazer has noted.

Stockdale has been expanding its retail platform with a strategy focused on repositioning, lease-up and experiential upgrades. The Los Angeles-based private equity firm manages more than $3 billion across real estate sectors including retail, multifamily, hospitality, health care and office.

CBRE's Jimmy Slusher, Mark Damiani, James Tyrrell and Shaya Northrup had the listing for the property.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The trade offers a study in how families should price execution risk when a sponsor buys sub-stabilized retail. At $415 per square foot for a 2008-vintage center in a supply-constrained submarket, the number implies a forward cap rate in the low to mid sixes if the property runs at 92 to 95 percent occupancy. If occupancy today is materially lower — which the undisclosed figure suggests — the gap between purchase price and stabilized yield becomes the repositioning bet.

A co-GP structure alongside Stockdale makes sense only if the family office brings local retail leasing relationships or can accelerate tenant placement. Otherwise the better path is a separate-account commitment inside Hamilton Lane's commingled vehicle, which spreads execution risk across multiple properties and avoids concentration in a single remerchandising program that may take eighteen to thirty months.

Families should underwrite two scenarios. In the base case, Stockdale fills the center to 94 percent at market rents and refinances or sells within three years at a going-in yield that rewards the repositioning work. In the stress case, anchor renewals prove costly, experiential tenants underperform, and the hold extends to five years with unplanned tenant improvement capital. The difference between those outcomes is whether the equity multiple clears 1.4x or hovers near par.

Avoid structures that subordinate the family's capital to the sponsor's promote or that defer liquidity beyond a three-year outside date. Open-air retail is liquid today, but repositioning stories can trap capital if the sponsor misjudges tenant demand or if the market reprices grocery-anchored assets before lease-up completes. Price the optionality to exit at stabilization, not at the sponsor's convenience.

Questions this story answers

01Who sold the Shoppes at Chino Hills and who brokered the deal?

The source does not identify the seller. CBRE's Jimmy Slusher, Mark Damiani, James Tyrrell, and Shaya Northrup held the listing for the Shoppes at Chino Hills.

02What is Stockdale Capital Partners planning to do with the Shoppes at Chino Hills after acquiring it?

Stockdale plans to rename the property the Shops at Chino Hills and pursue a broader rebranding, remerchandising, and repositioning program to attract more national retailers, restaurants, and experiential concepts that the buyers said are underrepresented in the market.

03What tenants anchor the Shoppes at Chino Hills?

The Shoppes at Chino Hills is anchored by Trader Joe's and Barnes & Noble. The tenant roster also includes national retailers, restaurants, and experiential concepts serving more than 300,000 residents within five miles, according to the buyers.

04Why are Stockdale Capital Partners and Hamilton Lane investing in open-air retail right now?

Hamilton Lane co-head of real estate Scott Davies said the combination of 'limited supply and strong demand from both consumers and retailers' made the Chino Hills asset attractive. The acquisition comes as investors have become increasingly more confident in retail, especially open-air and grocery-anchored shopping centers, according to the source.

05How large is Stockdale Capital Partners as a firm?

Stockdale Capital Partners manages more than $3 billion across real estate sectors including retail, multifamily, hospitality, health care, and office, according to the source.

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Original reporting

Commercial Observer

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