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TUSTIN, CA (April 9. 2004) – Coreland Companies, one of the largest privately held commercial real estate service companies based in California, announced that an affiliate of Tustin-based Kensington Real Estate Group, Kensington Diamond Bar, LLC, closed escrow on the sale of two retail buildings located within Diamond Bar Village Center at the northwest corner of Diamond Bar Boulevard and Golden Springs Drive in Diamond Bar, Calif. Diamond Bar Village Center is a 103,000-square-foot mixed-use retail/office project located along a thriving commercial corridor in Diamond Bar.

The two multi-tenant retail strip buildings included in the sale encompass a total of 29,740 square feet on 2.45 acres. The purchase price was $6.3 million. The buildings were 100% occupied at close of escrow and include tenants Mandarin Taste Restaurant, Nextel and the offices of Senator Bob Margett.

The buyer of the two retail strip buildings is the same buyer that acquired the Golden Springs Professional Center, also located in Diamond Bar Village. Steven Hogberg and Matt Hammond of Coreland Companies represented the seller in both sales transactions. Stephanie Liang of Century 21 E-N Realty of Diamond Bar represented the buyer in both sales transactions. Coreland Companies is the exclusive agent for Diamond Bar Village Center and responsible for the leasing, sales and management.

Kensington Real Estate Group acquired the 103,000-square-foot mixed-use retail/office project in April 2003 for $13.5 million. In November 2003, Kensington Real Estate Group sold the 15,441-square-foot office building component, Golden Springs Professional Center, for a purchase price in excess of $2.1 million.

According to Steven Hogberg, Vice President Leasing/Sales for Coreland Companies, “The sale of the two retail buildings represents the successful execution of phase three of Kensington Real Estate Group’s Diamond Bar Village Center four-phase master plan. Coreland Companies has been a critical component in the successful execution of the master plan to date.”

Phase one was the renovation of the entire property, which included landscaping upgrades, new siding, a new sign program, painting and other cosmetic touches. Phase two was the sale of the office component and phase three was the sale of the two retail buildings. “Now what remains is to re-tenant and hold the nearly 60,000 square feet of remaining retail. Our client is quite excited about the value that Coreland continues to help create with this asset,” adds Hogberg. 

Patrick Galentine, principal of Kensington Real Estate Group, says, “By completing the three phases of our strategic plan within only a one year time frame, we have exceeded our goals. We had initially intended to take two years, instead of one to complete the sale of the office portion of the property and this retail parcel. We are thrilled that we have beaten our financial objectives in half the time allocated.”

Kensington Real Estate Group of Tustin has acquired over $150 million of retail, office and multi-tenant industrial property since inception in 1999, and continues to seek value added commercial real estate opportunities throughout the Western United States. 

Tustin, Calif.-based Coreland Companies is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is one of the largest privately held commercial real estate service companies based in California with a current portfolio exceeding 100 properties and totaling more than 13 million square feet. Coreland Companies is based in Tustin, CA with offices throughout California.