ValueRock Realty Partners has redeveloped a shopping center in south Orange County to include the region’s largest Tesla dealership.
The Irvine-based developer led by David Lee has revamped the 21-acre retail center formerly anchored by a Lowe’s into The Commons at 26501-26519 Aliso Creek Road, in Aliso Viejo, the Orange County Business Journal reported. It formally opened on Dec. 14.
When complete, the 200,000-square-foot shopping center will include a retail village with 343 homes.
ValueRock bought the unidentified retail center in 2015 for $62 million. Its redevelopment cost $53 million.
In 2017, the developer hatched a plan to redevelop the property, as big-box retailers such as Lowe’s were struggling to stay open. Lowe’s terminated its lease in 2019, allowing for a complete overhaul of the mall beginning last year.
Among its new tenants is Tesla, the EV carmaker owned by Elon Musk, which is opening a 55,000-square-foot dealership with nearly 250 parking spots. It will be the largest Tesla dealership in OC.
Other tenants include 99 Ranch Market, Daiso and Philz Coffee expected to open by year’s end, with Bowlero, a Lucky Strike bowling alley, slated to open next year.
ValueRock’s formula includes relying less on big-box retailers. Its portfolio includes Moulton Plaza in Laguna Hills, Lake Forest Gateway in Lake Forest, The Ranch in Diamond Bar, Five Points Center in Huntington Beach and Paseo del Sol in Temecula.
The Commons is ValueRock’s latest attempt to breathe life into Aliso Viejo’s retail market, according to the Business Journal.
In May, the investor bought a nearby Chili’s restaurant at 26631 Aliso Creek Road for $3.75 million. Five months later, it bought a former Macaroni Grill at 26641 Aliso Creek Road for $5.3 million. Its overall goal: to turn Aliso Viejo into a dining and shopping destination.
ValueRock Realty Partners, founded in 2011, owns more than 50 commercial properties in California, Hawaii and Arizona containing more than 10 million square feet with more than 600 tenants, according to its website.
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