Eastvale-based Parker House Furniture Buys Vernola Marketplace for $62M

By: Sharjeel Sohaib

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Nov 9, 2022

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In the Inland Empire in Southern California, investment company Merlone Geier Partners has sold one of its retail properties. Parker House Furniture bought the retail location from Christopher Lupo and Victor Zonni for roughly $308 per square foot.

Key Takeaway:

  • 201,305 square foot, 16-building Vernola Marketplace shopping mall was sold by the company for $62 million, according to data provider Vizzda. 
  • Parker House Furniture named Doug Townsend to the role of the chief operating officer in Jan 2022. He reports to president and CEO Chris Lupo,
  • Parker House Furniture co-owner Victor Zonni, who used to lead the company operations transitioned to an advisory position.

Vernola Marketplace Shopping Center

The shopping center was constructed in 2007 on a 27.8-acre site in Jurupa Valley, close to Interstate 15 and Limonite Avenue, at 6237 Pats Ranch Road. BevMo, Lowe’s Home Improvement, PetCo, Kirkland’s Home Goods, and other retailers are tenants.

According to Kidder Matthews’ third-quarter retail market report, the Inland Empire had a 6.8% vacancy rate. At the same time, the average rent decreased to $19.14 per square foot. $230 per square foot is the average cost per square foot.

One of Southern California’s busier shopping mall investing companies is Merlone Geier. The company sold a 375,541-square-foot community shopping complex in Los Angeles County earlier this fall for $45.3 million. In comparison, Merlone Geier purchased a grocery-anchored shopping center in the Inland Empire last year for $39 million.

Merlone Geier Partners Expanding itself readily in the Inland Empire’s Retail Space

Merlone Geier Partners Paid $39M For Inland Empire Shopping Center.

The goal of Merlone Geier Partners is to profit from the solid asset class. According to brokerage firm JLL, the retail investment company paid $39 million for the Magnolia Tyler Mall, a grocery-anchored shopping center in Riverside, California.

The 182,653 square foot shopping mall, located at 3650-3790 Tyler Street across from the Galleria at Tyler, was purchased by the corporation from a private family that had owned it for more than 50 years. According to property records, it was owned by a trust that belonged to John A. Hamner.

Merlone Geier Partners Initiated the NoHo West Project in 2020. 

Merlone Geier Partners and GPI Companies developed one of SoCal’s most significant mixed development projects, NoHo West. It is near Oxnard Street at 6180 North Laurel Canyon Boulevard.

The substantial mixed-use project known as NoHo West was opened in 2020 on the site of the former Laurel Plaza. 

The 25-acre development site includes the following:

  • Additional retail and office space.
  • 642 apartments.
  • A Regal Cinemas theatre.
  • Room for 50–60 eateries.

The project totals land of 570,000 square feet. Trader Joe’s, 24 Hour Fitness, Old Navy, and other businesses are tenants.

Mountain View Village complex.

Merlone Geier is a real estate company that, in recent years, has dramatically and extensively redeveloped an aging shopping area there.

Merlone Geier Partners also owns one of the biggest shopping centers. Apartments, eateries, and a Safeway grocery are all located in the mixed-use, The Village at San Antonio Center. In 2021, one of the country’s most prominent real estate investors, an East Coast corporation, acquired a significant portion of a well-known mixed-use town in Mountain View. 

The seller was an affiliate of San Francisco-based Merlone Geier. Merlone Geier is a real estate company that, in recent years, has dramatically and extensively redeveloped an aging shopping area there. Merlone Geier sold a sizable portion of The Village at San Antonio Center twice in 2021.

Wrap Up!

In the Inland Empire, a Vernola Shopping center with a grocery store was purchased by Merlone Geier Partners last year for $39 million. Christopher Lupo and Victor Zonni now sold it to Parker House Furniture for about $62 million. 

One of Southern California’s largest mixed-use development projects, NoHo West, was created by Merlone Geier Partners and GPI Companies.

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