The locally based auto dealer, Parkway Motors, has purchased a 2.76-acre parcel for $3 million. Parkway is planning to construct an auto dealership on the property, which is located on Magic Mountain Parkway across from Valencia Town Center Mall.
In the second transaction, a Newport Beach-based developer has paid $1.4 million for a 2.4-acre parcel. The property is located at the southeast corner of Seco Canyon Road and Copper Hill Drive. The developer, Hopkins Real Estate Group, plans to construct a three-building shopping center, called Seco Canyon Plaza, on the parcel. Construction of the 23,487-sf project is slated to begin next month.
Bert Abel, Ray Bayat, Mitch Bayat and John Cserkuti of Grubb & Ellis' North Los Angeles office represented the buyers and the seller, Valencia-based developer Newhall Land, in both transactions.
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