$25M Buys Canyon Crossings Project Site

Barbara Kreis of the San Diego office of Sperry Van Ness tells GlobeSt.com that the $25.2 million land sale is one of the largest of its type in the Inland Empire in some time and that it transfers ownership to Transcan-Riverside from one of the nation's biggest retail REITs, the Rouse Co. of Columbia, MD, which had held the land for more than a dozen years. Kreis and Tony Gild of Sperry Van Ness in San Diego represented the seller, with George Arce Jr. of Sperry Van Ness/Centers Dynamic Brokerage Inc representing Transcan-Riverside.

Transcan-Riverside expects to break ground this summer at the development site, described by Kreis as "a unique piece of property," The 86 acres, at the southeast corner of the 215 and 60 freeways, is part of a 180-acre planning area known as Canyon Springs. Transcan obtained approval for the project from the Riverside City Council in September and has also secured the endorsement of other regulatory and advisory bodies.

Transcon's plans for Canyon Crossings include a mixture of large-scale retail, specialty stores, restaurants and cafes. The developer cites the freeway visibility, strong demographics, and new residential growth in the area that made it an attractive development site. The Rouse Co. at one time envisioned the property as a potential site for a regional shopping center, but that was before the nearby Moreno Valley regional mall was built. Transcon's development will be a power center designed to complement other nearby retail stores that include a Sam's Club, a Target and a Wal-Mart.