Kobra Properties, which is partially owned by Jack in the Box franchisee Abe Alizadeh, is in negotiations to buy a 14-acre site near Stanford Ranch Road and a 9-acre site at Pleasant Grove Boulevard and Fairway Drive—both from Florida-based Richland Communities, Inc. The multi-million dollar sales are expected to close in the next few weeks. Both transactions are being handled by Steve Edwards of Potter-Taylor & Co.

Kobra will develop a 150,000-sf retail complex, Fairway Commons I, on the 14-acre parcel, which is located between Home Depot and Toys "R" Us. The company will develop Fairway Commons II, which will mix retail and office space, at the nine-acre site. Kobra has attracted interest from retailers such as Ethan Allen and Circuit City.

Meanwhile, Kobra is ready to break ground on Rocky Ridge Pavilions, a 38,800-sf neighborhood retail center with shops and restaurants, on Rocky Ridge Drive and Eureka Road in Roseville. The company has yet to secure tenants for this property.