Cahan bought the land from MDC/Vail for $4.3 million and will build a center dubbed Marketplace at Vail Ranch, anchored by a Ralph's grocery store and a drive-through Savon drug store. The center will alsofeature a gas station, restaurant and neighborhood-oriented shops andservices. The center is slated for completion this spring.
"Leasing is off to a brisk start," says Bob Cahan, principal of CahanProperties. "Even before ground-breaking, the center is already 75%pre-leased. The high level of interest from tenants is a potent confirmation of Temecula's positive economic outlook."
"The south Temecula area, which includes Vail Ranch and Red Hawk, is seeing a boom in retail development, as retailers move in to satisfy the pent-up demand of new homeowners," adds Reg Kobzi of Grubb and Ellis Co.
Recent additions include Stein-Mart and Home Depot, and Wal-Mart is expected to start construction soon. Both the buyer and the seller were represented by Kobzi and colleagues Joe Greeno and Jon Friesen.
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