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APPLE VALLEY, CA-Developer Malcolm Riley of Los Angeles has hit 90% preleasing at the 700,000-sf Jess Ranch Marketplace with the signing of PetSmart, WinCo Foods, Mervyn’s, Rite-Aid and other tenants for the new power center. The project, a development of Riley & Associates, will also include a Bank of America, Big Five, Famous Footwear, Fashion Bug, Lane Bryant, Kirklands and Payless Shoe Source, along with several restaurants and shops.

The Jess Ranch project, now under way at the southwest corner of Bear Valley and Apple Valley roads, is adjacent to an existing Target. The first phase of the center is scheduled to open this fall and the second phase in the fall of 2008.

Phase II will include Best Buy, Bed Bath and Beyond, ULTA Cosmetics, 24-Hour Fitness, Red Robin Restaurant and a Cinemark Theater. Cinemark USA, the nation’s third largest movie theater exhibitor, will operate a 12-screen, stadium-seating venue that will be the third cinema location for Cinemark in the Victor Valley.

According to Riley, the growth in the population of Apple Valley and the demand for retail services were factors in his company’s achieving 90% preleasing so quickly.The project is being leased by CB Richard Ellis retail development specialists Brian McDonald and Erik Westedt of the CBRE Ontario office, along with Vince Roche and Alex Bendlin of CBRE’s Bakersfield office. McDonald and Westedt also handle leasing on Riley’s second High Desert retail project, Hesperia Plaza.

McDonald says that retail development is in demand in the area surrounding Jess Marketplace because of the burgeoning population. With more than 4,400 new homes proposed or recently built within a three-mile radius of the retail development, “This has been an untapped marketplace” for retail, McDonald says.

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