X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VALENCIA, CA-A&B Properties Inc. of Honolulu, the real estate subsidiary of Alexander & Baldwin Inc., plans to develop a $36 million, 120,000-sf retail center here in a joint venture with Valencia-based Intertex Properties of California. The development partners, in their fifth project together, bought the 27.8-acre development site in October for $6.6 million. A&B and Intertex will build the center via a venture called Bridgeport Marketplace LLC. The center will be built on just over half of the 27.8-acre parcel, five acres of which will be dedicated to the City of Valencia for park purposes, with the balance to be sold to a third party. The development site is at Newhall Ranch Road and the McBean Parkway, one of the primary intersections in central Valencia. Tenants at Bridgeport Marketplace will include a specialty grocer, a national drugstore, shops, restaurants and services. Construction is expected to begin in early 2006. A&B says the site ranks high in development potential for a number of factors, including its location adjacent to existing major commercial development and growing residential neighborhoods, including 22,000 households and 63,000 residents within a three-mile radius. The project is about a half mile from the Valencia Industrial Center, the largest business park in Valencia at 10.2 million sf. Besides being A&B’s fifth investment with Intertex, the new retail center will be A&B’s sixth investment in the Santa Clarita Valley. Its four others with Intertex include the 63,000-sf Westridge Executive Plaza office building, which was completed in 2003 and is 95% occupied, plus three projects in the pre-development stage. The three under development are the 100,000-sf Center Pointe Marketplace retail project, the 62,000-sf Crossroads Plaza commercial center and 5.4 acres of commercial land in Rye Canyon Business Park. A&B’s focus remains primarily in Hawaii, according to its president and CEO, Stanley Kuriyama, but it sees Valencia as a good locale for “investment opportunities that diversify our portfolio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.