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$1.85M Buys 4-Acres for Retail Development

CASTAIC, CA-The project will be the first new commercial endeavor here in 10 years. Construction is expected to begin by fourth quarter 2002, with completion scheduled for first quarter 2003.

By Peter Landau | Updated on June 10, 2002

CASTAIC, CA-Glenwood Development of Glendale, Calif., has acquired approximately 4 acres of Interstate 5-visible land in this north Los Angeles County community with the intent to build a 31,000-sf commercial project. Hasley Landowners sold the parcel. The transaction value was $1.85 million.

The Southland developer says it is responding to the proliferation of new housing and industrial construction in the immediate area of Castaic, Calif. The commercial project will be anchored by Tutor Time daycare center. The property is located 27000 The Old Road and is adjacent to over 500 new homes and the Valencia Commerce Center. The site is also near the intersection of Interstate 5 and 126.

Tutor Time will occupy a separate 10,000-sf building at the new development, to be called Tutor Time Center. Two other buildings totaling 21,000 sf will comprise the balance of the project. Brian Munson and Ken Shishido of Lee & Associates are marketing the new center. A fourth-quarter start of construction is scheduled, with opening expected the first quarter of 2003.

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