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LAKE ELSINORE, CA-Caliber Retail Properties Group Inc. of Newport Beach plans to build a 130,000-sf community shopping center here on 13 acres that Caliber has acquired from Temecula-based Rancho Land Associates. Caliber paid more than $5 million for the land, which is situated along the rapidly developing I-15 Freeway corridor at the southeast corner of Central (74) and Cambern avenues.

CRPG is considering three possible development choices for the retail site: a conventional neighborhood shopping center that would include a grocery store, a retail center anchored by several soft goods or hard goods retailers, and a specialty center that would include a health club and adjoining lifestyle junior anchors. Construction is scheduled to begin in the summer of 2006, with completion about a year later. The anticipated value of the development upon completion is estimated at more than $30 million.

Caliber’s development plan is to build “an upscale retail project that will include a combination of the highest and best uses for the site,” says Bart Pebbles, principal and president of Caliber Retail Properties Group. Pebbles says that, considering the surge of new development occurring in South Riverside County along the I-15 Freeway, the location of the parcel is ideal for a retail development. The development site is approximately 14 miles south of Corona and 14 miles north of the Temecula/Murrieta region.

Caliber, founded in 1991, has developed retail and mixed-use projects that include developments in the master-planned communities of Summerlin near Las Vegas, Irvine, Rancho Santa Margarita, Talega, Scripps Ranch and Mission Viejo. The company specializes in the acquisition, development and operation of single-tenant and medium sized retail properties, auto spas and medical buildings throughout California, Nevada and selected parts of the Western US.

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