Human Rights Day >> Transcan Development Adds 144,000 SF of Class "A' Office to its New Retail Development at Junction of I-215/60 Fwy in Riverside, CA

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Date: 2004.05.05 10:00:22
Category: Real Estate
From: Anne Monaghan
Company: Monaghan Communications
Phone: 949-722-2933

Transcan Development Adds 144,000 SF of Class "A' Office to its New Retail Development at Junction of I-215/60 Fwy in Riverside, CA

(PRLEAP.COM) RIVERSIDE, CA (May 5, 2004) – Transcan Development LLC of Alamo, Calif. has announced that the company plans to add two 72,000-square-foot, three-story Class "A’ office buildings to its new 90-acre freeway-oriented development called Canyon Crossings at Canyon Springs. Canyon Crossings is located in the City of Riverside at the southeast corner of Interstate 215 and State Highway 60 in the heart of the Canyon Springs 180-acre master-planned commercial hub, one of Southern California’s most dynamic areas. The 144,000-square-foot office component will be named Canyon Crossings Corporate Center.

Transcan has appointed CB Richard Ellis as the leasing and marketing representative for the office component. John Oien and Natalie Bazarevitsch, located in the company’s Ontario office, will be the leasing agents for Canyon Crossings Corporate Center.

"We are quite pleased with the response that we have received from prospective tenants,’ says John Oien. "The numerous competitive advantages continue to be very appealing for companies to relocate to Riverside. The City of Riverside consistently ranks as one of the strongest markets in the U.S. Many of the top Fortune 500 companies are moving to this area or, if they are already here, they are expanding.’

Canyon Crossings Corporate Center is expected to be built in two phases. The first phase will consist of the first 72,000-square-foot, three-story Class "A’ office building. Although the buildings are not available for purchase, the developer will do a build-to-suit for phase two.

Transcan has already received City Council approval of its plans for 499,000 square feet of retail and anticipates quickly moving forward on the approvals necessary for the office component. Additionally, Wal-Mart, which has signed a contract with Canyon Crossings’ owners to acquire its own parcel, is expected to build an approximately 230,000-square-foot Wal-Mart Supercenter. Wal-Mart’s existing parcel, which contains an operating Wal-Mart, will be incorporated into the Canyon Crossings development. "We plan to purchase the existing Wal-Mart building and are currently in negotiation with a high profile chain to lease the building,’ adds Bahen. "This would bring us to more than 778,000 square feet of retail at Canyon Crossings.’

"Tenants of Canyon Crossings Corporate Center will be able to take advantage of the variety of retail and restaurant amenities at Canyon Crossings, Moreno Valley Mall and those retailers located adjacent to Canyon Crossings including a new Target, Best Buy, Michaels, Linens ‘N Things, Pier 1 Imports and Sam’s Club,’ says CB Richard Ellis’ Natalie Bazarevitsch. "With its freeway visibility and access, Canyon Crossings Corporate Center will offer ideal corporate identity and close proximity to County offices. Tenants of Canyon Crossings Corporate Center will be able to take advantage of a growing population looking to work, shop, dine and relax in one convenient location.’

Oien adds, "Being at the intersection of these busy freeways means excellent visibility and easy access for more than 350,000 cars that pass by every day. There are over 628,000 residents within this expanded trade area and the average household income within three miles of the project is over $68,000. Drive-time analysis shows that 943,000 people live within 20 minutes of Canyon Crossings!’

CB Richard Ellis Retail Services is responsible for the marketing and leasing of the retail component. Tom Swieca, also in the Ontario office, and Jeff Pintar, located in the company’s Anaheim office, are the team leaders responsible for the marketing and leasing of the retail component.

Transcan Development expects to break ground on the retail component in spring or summer of this year, and the office component in early 2005.

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