TEMECULA, CA-Falcon Real Estate Investment Co. of San Diego has unveiled plans for a 74,166-sf development called Winchester Commercial Center that will include 45,750 sf of office space and 28,416 sf of retail shops. The $25.3 million project, at the northwest corner of Winchester Road and Willow Springs Avenue, will be a joint venture between Falcon and Transcan Development LLC, based in the Northern California community of Alamo.
All six office buildings in the center have been sold and the retail portion of the project is about 30% preleased, with construction scheduled for the second quarter of this year. Sales and leasing for the property are being handled by the Ontario office of CB Richard Ellis.
Falcon provided $7.7 million of equity to fund the development, with United Commercial Bank providing a $17.6 million construction loan, according to Scott Sweeney, executive vice president of Falcon. The architect for the project is Designers Collective Incorporated of Concord.
Falcon, founded in 1991, has a portfolio of approximately 10 million sf of office, retail, distribution and residential real estate. Transcan has several retail and office projects totaling more than 3.7 million sf under way.
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