Lynwood-based developer M&D Properties is gearing up for the opening of The Source, its big mixed-use development in Buena Park.
A few portions of the 600,000-square-foot project—near the intersection of the Santa Ana (5) and Artesia (91) freeways and about 1.4 miles from Knott’s Berry Farm—are close to a formal opening, according to the developer.
The largest portion of the project, a 400,000-square-foot foot retail and entertainment center, is mostly built out, with a number of restaurants and traditional retailers working over the past few weeks in preparation of opening.
A few events have been held at the multilevel shopping center in recent weeks, and a more formal grand opening is anticipated to take place near year-end, according to the developer’s representatives.
M&D says there are now more than 30 tenants for The Source Retail, which will be anchored by a high-end movie theater run by CGV Cinemas as the South Korean chain’s second U.S. location after one in Los Angeles.
Other notable tenants scheduled to open soon at the shopping center include restaurants OOAK Kitchen and Butchers Pork Charcuterie; Olympus Screen Golf & Bar, Southern California’s first virtual screen golf venue; and Copley, a boutique that sells luxury brands, such as Manolo Blahnik, Vera Wang, and MCM.
Also ready for an opening is a seven-story office and retail building at the intersection of Beach Boulevard and Orangethorpe Avenue.
JLL’s Jay Nugent and Naomi Rizkowsky with the Irvine office of the brokerage have been retained to handle leasing at The Source Office, according to the developer. The building’s five floors will hold tenants as small as 1,200 square feet, although a single user could take all 60,000 square feet, according to the brokers.
Buena Park’s office market encompasses about 1.1 million square feet and about 10% vacancy rates.
The Source office tower will be the first for-lease office built in Buena Park of that size or larger in over a decade, according to CoStar Group Inc. records.
The last part of The Source to open will be a 174-room Hilton Hotel that’s scheduled to open late next year.
“Our goal is to create a one-of-a-kind experiential mixed-use property that can be a focal point of redevelopment in Buena Park and throughout Southern California,” said Luis Valenzuela, M&D Properties’ executive vice president, in a statement.
“The opening of The Source Retail is the first step to providing consumers, businesses and the community a place to shop, work, be entertained and be social,” Valenzuela said.
Border Buy
The Irvine office of Duke Realty is proceeding with plans for a big distribution facility on a 22.6-acre site it recently bought just a few blocks over the Los Angeles County line in La Mirada.
The local arm of the industrial developer and investor, whose headquarters is in Indianapolis, recently closed on land at 16301 Trojan Way, a development site about half a mile from the former Nabisco plant site in Buena Park.
The land sold for about $38 million, or a little under $1.7 million an acre, according to CoStar records.
The seller was Chevron USA Inc. Colliers International Senior Executive Vice President Clyde Stauff and Managing Director Bret Hardy represented both parties in the transaction.
Duke Realty is planning a roughly 475,000-square-foot industrial building at the Mid-Counties site, which will be geared for an e-commerce distribution user.
The new owners “look forward to constructing one of the few state-of-the-art distribution buildings in close proximity to central Los Angeles,” said Duke Realty Senior Vice President Chris Burns in a statement. “The location will facilitate a quick turnaround for trucks to the Ports of Los Angeles, as well as deliveries to the densely populated central Los Angeles and Orange County markets.”
It “will be one of the largest new distribution facilities built in either Los Angeles or Orange County in recent years,” said Colliers’ Stauff. “This facility will provide a unique opportunity for a tenant to operate a state-of-the-art centralized distribution center in a location that will dramatically decrease transportation costs and trip times for same-day deliveries.”
