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CORONA, CA-A partnership of local and European real estate investors, developers and architects called Strada LP plans to develop a 404,000-sf mixed-use center called Toscana Marketplace and has named a team from NAI Capital to lease and sell the pad sites as well as handling other leasing responsibilities at the new center. The NAI Capital team, John Odegaard and Doris Bolton of the company's Newport Beach office, tell GlobeSt.com that the new project will occupy a 32-acre site east of the I-15 Freeway at Indian Truck Trail and Temescal Canyon roads. The site is just south of the city of Corona and north of the city of Lake Elsinore.

Odegaard and Bolton are the listing agents for the pad sites and are also the leasing agents for the in-line space at Toscana Marketplace. The in-line space will total about 246,400 sf, with the rest of the 404,000 sf to be taken up by the pads, one of which will be the site of a hotel.

Construction of Toscana Marketplace is expected to start next spring and be completed in late fall of 2008. The major sites comprise approximately 107,500 sf and the smaller three pads total about 28,000 sf, with the remaining 22,000 sf of the center designated for professional office condominiums.

According to a demographic analysis of the shopping center's trade area that was prepared by Vista-based DDS Marketing, the types of tenants likely to occupy the Toscana Marketplace would include a supermarket, a drug store, hard and soft goods retailers, restaurants and community service businesses. "Overall, the immediate region around the site is undergoing a great deal of development," the demographic report says. The DDS research for the project showed that " an estimated 35 residential projects along with 14 specific plans are in various phases of development."

The analysis notes that the shopping center will be conveniently accessible for an estimated 132,000 travelers along Interstate 15 via a full proposed interchange at Temescal Canyon Road. Retail competition for the project "is very limited with only one proposed anchor retail center within the site's shopping center trade area," the report points out, and estimates indicate significant future growth in the area.

For example, the shopping center trade area population of 20,700 is expected to reach nearly 27,000 by 2008 and to grow to more than 62,000 at build-out of the residential projects proposed and under way in the area. Median annual household income in the trade area is already more than $73,000.

Instant Insights /

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