Los Angeles Rams owner Stan Kroenke has opened a shiny new, $5 billion stadium for his team in Inglewood—the largest facility of its kind built in the city in nearly a century.
In Orange County, the developer has a more scaled down approach to real estate investments.
An affiliate of The Kroenke Group, the Missouri-based firm founded by Kroenke in 1983, recently paid about $17.1 million for Village Plaza, a Huntington Beach retail layout, property records indicate.
Jeff Lefko and Bill Asher, executive vice presidents at brokerage Hanley Investment, represented the seller, a private Los Angeles investor that had owned the site for several decades.
The 20,328-square-foot strip center—on a 1.7-acre lot on Pacific Coast Highway, near Warner Ave.—traded for about $840 per square foot, among the top of local retail sales this year on a per square foot basis.
The multi-tenant property was 91% occupied with just one unit vacant at the time of sale, which had a cap rate of 5.97%. Tsunami Sushi and Circle K are the largest tenants at the property, which was built in 1972 and underwent a multi-million-dollar renovation that wrapped last year.
Venues, Ventures
Kroenke, one of the wealthiest real estate developers in the country, has built a legacy centered on sports venues investments and counts ties with retail giant Walmart following his 1974 marriage to Ann Walton, daughter of Walmart co-founder Bud Walton.
Kroenke, who has a current estimated net worth of $10 billion according to Forbes, helped expand Walmart throughout the nation, primarily by developing malls with the retail chain as an anchor tenant.
Sources indicate the Huntington Beach center will be a long-term hold for Kroenke Group.
In addition to the new SoFi stadium in Los Angeles, Kroenke’s domestic holdings include the Pepsi Center in Denver, home of the NBA’s Nuggets. He also co-owns Dick’s Sporting Goods Park in Commerce City, home of MLS’s Colorado Rapids. He owns both teams.
National reports indicate that Kroenke also has been diversifying his real estate assets as of late with multifamily and industrial acquisitions.
