WOOD INVESTMENTS COMPANIES COMMENCES CONSTRUCTION ON PLAZA DE PERRIS EXPANSION
Ross, Burlington, Planet Fitness, Ulta Beauty, Mountain Mike’s Pizza, Five Below and Hibbett Sports among the new retail locations to be added to the plaza
Riverside and Orange County, Calif – September 18, 2018 – Wood Investments Companies, a leading Orange County commercial real estate investment, development and management company specializing in retail, today announced the start of their construction efforts to expand the Plaza de Perris, a 150,148-square-foot grocery-anchored shopping center on 38 acres in Perris, California. The 133,000-square foot expansion—which includes anchor tenants Ross and Burlington, as well as Planet Fitness, Ulta Beauty, Mountain Mike’s Pizza, Five Below and Hibbett Sports—kicked off on August 21 with a groundbreaking ceremony with the City of Perris.
This is the first major milestone in Wood Investment Companies’ collaboration with the City of Perris to grow the Plaza de Perris. Development of the shopping center which is adjacent to the 215 Freeway at the West Nuevo Exit, slowed following the construction of a Food4Less and Regency 10 Theatre in 1996, and the adjoining land pads entitled for retail space have remained unused since then. Wood Investments Companies purchased the property in 2017 with the goal of making it a focal point for retail in the growing trade market.
Located next to Perris’ major thoroughfares and interstate commuter traffic, the property provides daily traffic counts of more than 161,500 vehicles per day. The central location, economic benefits of jobs and tax revenue, and prospect of leveraging the available real estate in an already popular shopping destination represented opportunity to both the City of Perris and Wood Investment Companies.
During the groundbreaking ceremony, Patrick Wood of Wood Investments joined Perris Mayor Michael Vargas, Corona Mayor Pro-Tem Malcolm, City Council Members Tonya Burke, David Starr Rabb and Rita Rogers, City Clerk Nancy Salazar, City Manager Richard Belmudez and Assistant City Manager Clara Miramontes, to express his mutual excitement for the project.
“First and foremost, we give credit to the city, the tenants, and our entitlement and construction team for getting this started in such a short period of time," said Patrick Wood of Wood Investments Companies. “This cross-organizational collaboration is what sets us apart in the industry, and what will allow us to execute on such an ambitious timeline to bring these new retail locations to the Perris community.”
About Wood Investments Companies
Wood Investments Companies is operated and managed by Patrick and James (Jim) T. Wood. Headquartered in Orange County, Wood Investments Companies is a privately held commercial real estate investment and management firm that acquires, owns, operates and develops commercial retail properties with a focus on value-add development and investments. The managing partners have over 40 years of combined experience and success in the California commercial real estate industry.