Rite Aid Opens at the Shops at Bear Creek

Combined Properties, Incorporated is pleased to announce that Rite Aid has opened at its new center, The Shops at Bear Creek.

The Shops at Bear Creek is a new development and features a 17,400 square foot Rite Aid with nearly 10,000 square feet of small tenant space located in a separate building. The three-acre project is located at the intersection of Clinton Keith Road and Palomar Street in Wildomar, California. Wildomar, located in south Riverside County, is a fast growing community that experienced a 40.47 percent growth rate in population since 2000 (census update). Even with the housing downturn, growth is expected to continue in this area and the number of households is projected to grow 5% annually thru 2010.

“The Shops at Bear Creek, a 27,000 square foot project, is our first project in this market, and is just one example of the types of projects we are undertaking as part of an aggressive growth and development strategy,” said Katherine D. Roberson, President, Combined Properties, Incorporated. “We currently have twelve projects in various stages of development in California, and seek opportunities such as Bear Creek to provide critical retail to communities,” said Roberson.

Combined Properties entered the Southern California market in the mid 1990’s and in 2000 committed itself to establishing a stronger presence. Combined has purchased 16 properties over the last 5 years, mostly in greater Los Angeles, and has plans to develop and buy many more. In Southern California, the company is developing a number of centers and mixed-use projects that look nothing like the conservative strip shopping centers typical of the industry.

Combined Properties focuses on projects that are bigger than those that small developers can do, but too small for larger developers. Combined has a very strategic growth plan underway which includes acquiring core retail properties similar to those that the company already owns, and managing those properties to deliver superior returns, expanding its development portfolio with land and centers with strong redevelopment potential. “In California, we are focused on our development program, applying our expertise to find the right opportunities such as The Shops at Bear Creek,” says Roberson.

Combined Properties, Incorporated is a full-service real estate firm with offices in Washington, DC and in Beverly Hills, CA. Founded in 1984, Combined Properties has consistently been ranked as one of the top private owners of retail centers in the Washington metropolitan area. With a $1 billion portfolio comprised of 5 million square feet and a $500 million development pipeline, the firm is now branching out from its concentration in retail real estate by applying its multidisciplinary expertise in the areas of development, asset management, leasing and finance, to developing innovative mixed-use properties. Combined Properties is preparing to launch its second private equity fund valued at over $200 million intended for acquisitions of core retail assets located in the greater Washington, DC metropolitan area and Southern California.