Shopping Centers : $8-Million Saugus Project Under Construction
The Bouquet Center, an $8-million shopping center designed by McClellan, Cruz Gaylord & Associates of Pasadena, is under way on a 14-acre site in Saugus.
The Newhall Land & Farming Co., a California limited partnership, is developing the 151,000-square-foot project on a previously vacant site on Bouquet Canyon Road and Newhall Ranch Road. Completion is scheduled for November.
Financing Provided
Pasadena-based First Interstate Mortgage Co.’s Income Property Division has provided construction financing of $6.3 million for Olive Drive Town Center and $5.6 million for Stine White Towne Centre, both in Bakersfield, and $3 million for the final phase of Huntington Oaks Shopping Center in Monrovia.
Ground Breaking Held
Ground has been broken on the $9.3-million Ferrara Plaza Shopping Center, a 90,210-square-foot project being developed by Pacific Development Group of Newport Beach on a nine-acre site on East Valley Parkway, the primary retail boulevard in Escondido. Iliff, Thorn & Co. is handling leasing for the development, expected to be completed next spring.
Work Completed
Construction of the $2-million Village Square Shops, a 15,000-square-foot complex designed by McClellan Cruz Gaylord & Associates, has been completed in Covina at Holt and Garvey avenues. Gibbons Corp. of Covina is handling leasing and development.
Garage Being Recycled
A former garage at 9121 Olympic Blvd., Beverly Hills, is being recycled into the $2.5-million Olympic Square, a 5,622-square-foot convenience shopping center developed by a California limited partnership headed by Christina Properties as general partner. Coldwell Banker Commercial Real Estate Services is handling leasing for the project, due to be completed in November.
La Mesa Project Sells
The Home Federal Plaza Shopping Center in La Mesa has sold for $1.78 million, according to Daum Business Properties, which represented both the seller, Sickels/McLaren Development Co. of San Diego, and the purchaser, Davis-Guarrad Partnership, also in San Diego.
Square Expanding
Construction financing has been secured, and construction is expected to start by mid-October on the $1.6-million, 27,000-square-foot expansion of Hen’s Teeth Square, a two-building shopping complex (using a historical landmark as one building) in Pasadena at Los Robles Avenue and Woodbury Road. Jeanette Henderson Realty in Pasadena is handling leasing.
Plaza Planned
A $5-million shopping plaza, housing more than 100,000 square feet of commercial retail space on 10 acres, is being planned by Broadmoor Homes Commercial Division in Cottonwood on Jamacha Road and Willow Glen, adjacent to Broadmoor’s residential development of Country Club Villas. Completion is expected next summer.
Drive-In Transformed
The Big Sky Drive-In in Duarte is being transformed into the $14-million Mountain Vista Plaza, a 175,000-square-foot project co-owned and co-developed by the Piken Duarte Partners and the Johnson Duarte Partners and expected to open on Oct. 1. The Charles Dunn Co. is exclusive leasing agent.
Two Sites Sold
Century Partners and Fox & Carskadon Financial Corp., members of the Fox Group of Cos. of San Mateo, have sold two shopping centers--the Bristol Shopping Center in Santa Ana and the El Toro Shopping Center in El Toro. Yorba Investors of Irvine bought the El Toro project for about $4.6 million, and MaceRich Management Co. of Santa Monica bought the Santa Ana complex for about $10.8 million.
Galleria Completed
Diversified Equity Investments of San Diego has completed construction of the Miramar Galleria, a 30,000-square-foot retail and office center fronting Miramar Road and valued at more than $3 million.
Remodeling Nearly Done
Most of the remodeling and enclosing work on the Fallbrook Mall in Canoga Park, formerly known as the 21-year-old Fallbrook Square, is expected to be completed in October at a cost of about $11 million. With the addition of 175 retailers and fashion stores, the mall, totaling more than 1 million square feet, will be one of the largest in the San Fernando Valley.
