Diamond Bar, Los Angeles County, CA
120,000 Sq. Ft. of Leasable Retail Area
The Diamond Bar Retail Centers total 10.4 acres and are located in Diamond Bar. The property includes two adjacent retail centers on Diamond Bar Boulevard, in close proximity to the 57 freeway. With over 120,000 square feet of leasable commercial space, the tenants include a bowling alley, restaurants, medical offices and various retail uses. The centers are also close to Cal Poly Pomona and Mt. San Antonio College, with a combined enrollment of about 60,000 undergraduate and graduate students.
As Foremost continues to pursue residential development opportunities, it is also diversifying its real estate holdings by acquiring income-producing assets in well-located areas throughout Southern California.
Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which had recently foreclosed on the center. At the Oak Tree Plaza, Foremost acquired and consolidated the interests of the long-term ground lease tenant and the underlying fee ownership while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing for both centers. Foremost has hired Stonewood Properties as the new property manager to undertake deferred maintenance and initiate a comprehensive leasing plan to improve occupancy and rent rates.