Sudberry Properties Acquires 21 Acres for Development

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CANYON HILLS, CA-Sudberry Properties Inc. has acquired a 21-acre parcel from Pardee Homes for an undisclosed amount. The San Diego-based developer has plans for a 135,000-sf retail center on the site, which is located three miles east of the Interstate 15. Peter Orth and Hil Mercado of CB Richard Ellis represented both buyer and sell in the deal.The property sits within the 4,200 home-masterplanned community of Canyon Hills. Tenants already in the fold for the retail property are Longs Drugs, Starbucks, Bank of America, Blockbuster Video, Jack in the Box and Chevron. SGPA Architecture & Planning is the architect on the project. Construction is scheduled to begin in spring 2005 and is slated for completion in the first quarter of 2006. According to a Sudberry release, the property is being “designed to embrace a California winery ambience and maintain the feel of the surrounding Canyon Hills community.” Other features at the property include stone facades, gable roofs and accessible pedestrian links. It’s been an active year for Sudberry. Earlier this fall, the company added Richard H. Simons as partner and principal. It’s a return to the fold for Simmons who was with the company from 1986-92. In his new capacity, Simmons will oversee the company’s growing portfolio of office and industrial developments. “Rich’s extensive experience and expertise in commercial acquisitions and development, particularly in Southern California, are strong assets for our team and our clients,” says Tom Sudberry, the company’s founder. Since its founding in 1978, Sudberry Properties has developed more than five million sf of community shopping center and office/industrial projects.In another recent deal, the company closed escrow on a long-term ground lease interest in the Bird Rock area of La Jolla. Sudberry acquired the ground lease from K. Lance Peto Trust and EMK Trust. “An integrated commercial and residential project is slated for the site and design proposals are still under review,” according to a company report. Steve Avoyer of Flocke & Avoyer Commercial Real Estate represented the buyer and Lance Peto represented the seller in the deal. Flocke & Avoyer is the exclusive retail marketing agent on the property.