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CASTAIC, CA-Glenwood Development of Glendale, Calif., has acquired approximately 4 acres of Interstate 5-visible land in this north Los Angeles County community with the intent to build a 31,000-sf commercial project. Hasley Landowners sold the parcel. The transaction value was $1.85 million.

The Southland developer says it is responding to the proliferation of new housing and industrial construction in the immediate area of Castaic, Calif. The commercial project will be anchored by Tutor Time daycare center. The property is located 27000 The Old Road and is adjacent to over 500 new homes and the Valencia Commerce Center. The site is also near the intersection of Interstate 5 and 126.

Tutor Time will occupy a separate 10,000-sf building at the new development, to be called Tutor Time Center. Two other buildings totaling 21,000 sf will comprise the balance of the project. Brian Munson and Ken Shishido of Lee & Associates are marketing the new center. A fourth-quarter start of construction is scheduled, with opening expected the first quarter of 2003.

The project is the first new commercial endeavor to be built in the area in over a decade. It is a direct result of the rapid growth of residential and business property development in the surrounding area. Because of the influx of new residents and businesses there is a mounting demand for daycare and related services for people living in Castaic and working in nearby Valencia, according to a broker on the deal.

The new commercial project will be situated near Valencia Commerce Center, the largest business sector within Valencia Gateway with 1,600 acres and over 9.5 million sf, 800 companies and 17,000 employees. The Master-planned, campus-style environment has a park-like setting. Major tenants include Explorer Insurance, H.R. Textron, Inc., Aerospace Dynamics International, Southern California Edison, Santa Clarita Studios, Forrest Machining, American Honda, Semiconductor Process Equipment Corporation, Contractors Wardrobe, Oasis Corporation, Westwood One and The Daily News.

In terms of residential exposure, Valencia just reported a developmental deal for high-end townhouses on a 1.4-acre lot. The units range from 1,050 sf up to 1,600 sf in size.

Stu Leibsohn and Jim Hobson of Van Nuys, Calif.-based Delphi Business Properties represented Hasley Landowners, the seller. The buyers, Glenwood Development, represented themselves in the transaction.

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