ValueRock Realty Partners Revamps South OC Shopping Center with Tesla Dealership
Redevelopment Efforts
ValueRock Realty Partners, a developer led by David Lee, has revamped a 21-acre retail center in south Orange County, transforming it into The Commons at 26501-26519 Aliso Creek Road, in Aliso Viejo. The Irvine-based company acquired the property in 2015 for $62 million and invested $53 million in its redevelopment.
New Tenants and Amenities
The shopping center, which formally opened on December 14, features a retail village with 343 homes. Among its new tenants is Tesla, the EV carmaker owned by Elon Musk, which is opening a 55,000-square-foot dealership with nearly 250 parking spots. This will be the largest Tesla dealership in Orange County. Other tenants include 99 Ranch Market, Daiso, and Philz Coffee, which are expected to open by the end of the year, with Bowlero, a Lucky Strike bowling alley, slated to open next year.
ValueRock’s Strategy
ValueRock’s redevelopment formula includes relying less on big-box retailers. The company’s portfolio includes several shopping centers in California, Hawaii, and Arizona, with more than 600 tenants. The Commons is ValueRock’s latest attempt to breathe life into Aliso Viejo’s retail market.
Dining and Shopping Destination
The company’s overall goal is to turn Aliso Viejo into a dining and shopping destination. In May, ValueRock bought a nearby Chili’s restaurant for $3.75 million, and five months later, it acquired a former Macaroni Grill for $5.3 million. This acquisition strategy is aimed at creating a vibrant dining and shopping experience in the area.
Company Profile
ValueRock Realty Partners was founded in 2011 and owns more than 50 commercial properties, containing over 10 million square feet, with more than 600 tenants, according to its website.
Conclusion
The redevelopment of The Commons at 26501-26519 Aliso Creek Road marks a significant milestone in ValueRock Realty Partners’ efforts to revitalize Aliso Viejo’s retail market. The addition of Tesla’s largest dealership in Orange County and other new tenants will provide a unique shopping experience for locals and visitors alike.
Frequently Asked Questions
Q: Who is the developer behind The Commons at 26501-26519 Aliso Creek Road?
A: ValueRock Realty Partners, led by David Lee, is the developer behind the project.
Q: How much did ValueRock pay for the property?
A: ValueRock acquired the property in 2015 for $62 million.
Q: What is the total investment in the redevelopment of the property?
A: The redevelopment cost $53 million.
Q: What are some of the new tenants at The Commons?
A: Tesla, 99 Ranch Market, Daiso, Philz Coffee, Bowlero, and Lucky Strike bowling alley are some of the new tenants at The Commons.
