The center, which will be known as Highridge Crossing, will be located at the northeast corner of Copper Hill Dr. and Newhall Ranch Rd. The project is scheduled to break ground in Fall 2002, with completion slated for Spring 2003. The center is 50% preleased.
Ray Bayat, Mitch Bayat, Bert Abel and John Cserkuti of Grubb & Ellis' North Los Angeles office represented the buyer and the seller, The Newhall Land & Farming Company of Valencia, in the transaction.
Valencia last saw activity in January with Crocker Investors acquiring a 90,000-sf office structure from Earle Properties. Buying group includes Ralph Jackson, a prominent marketing and advertising pro, who represents several Southland real estate companies.
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