Profile A monthly column featuring retail real estate companies
Focused on Mixed-Use and Residential Transit Villages
by Joe Dyton
 Bob Bahen, President and CEO Transcan Development, LLC |
Transcan Development, LLC was established in 2001 to develop large-scale mixed-use projects in CA. Transcan, which focuses on synergistic integration of retail, office, residential and/or light rail components, currently has four projects in various stages of development. Its leasing team includes brokers at CB Richard Ellis and Colliers International. “We have exclusives with CB Richard Ellis and Colliers International to handle the leasing and management of our projects,” said Transcan president and CEO Bob Bahen. “CB Richard Ellis has been retained to lease and manage our projects in southern CA (Riverside, Temecula Otay Mesa). Colliers International is leasing and will manage County Crossings in Antioch.”
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The aforementioned County Crossings is just one of the projects Transcan has under development. The site is located at the intersection of Highways 4 and 160 in Antioch, CA. The center will feature 1,200,000 sq.ft. of retail, 250,000 sq.ft. of office space, a transit resident village and a proposed Light Rail BART Station. The retail component will include large format and major retailers, specialty shops, restaurants and cafes plus a neighborhood component. The project is expected to draw residents from Pittsburg, Antioch, Oakley and Brentwood and is slated to open in 2007. With the projected new Bart Light Rail intersecting the two major transportation routes of Highway 4 and 160, County Crossings is expected to become the new Hub of the East Bay’s transit system. The new E-Bart line is scheduled for completion in the summer of 2010. While the idea of a transit residential village, a combination of a rail transit, retail space and family housing, is relatively new, Bahen is confident that it will become much more popular down the road. “Transit residential village is a rapid transit combined with multifamily housing and service oriented retail,” Bahen explained. “Certainly in northern CA, transit oriented developments will be more commonplace in the future. As a matter of fact, Transcan’s County Crossings is probably the largest planned mixed-use retail/office and multifamily project in northern CA and will be considered a model for future transit oriented developments in the region.” Making County Crossings a mixed-use center as opposed to a traditional retail center will benefit all parties involved, according to Bahen. “I believe that the synergy between the two different uses helps create a better overall environment both for the office tenants who have retail services at their fingertips and for retailers who have additional clientele on site,” he said.
Also in Transcan’s arsenal is Canyon Crossings, which is located at the intersection of Interstate Highway 215 and State Highway 60 in Riverside, CA. The $120 million project is currently under construction with 740,000 sq.ft. of retail space to be anchored by a new Wal*Mart Supercenter, a 50,000 sq.ft. John’s Incredible Pizza, Staples, LA Fitness, Wickes Furniture, Home Gallery Furniture Superstore and an array of major retailers, specialty shops, restaurants and lifestyle venues. LA Fitness is expected to open in the first quarter of 2006. Area retail includes Target, Best Buy, Michaels, Linens ‘N Things, Pier 1 Imports and Sam’s Club. The project will also include 144,000 sq.ft. of Class “A” office space. Canyon Crossings Corporate Center will comprise two 72,000 sq.ft., three-story Class “A” office buildings and include Chapman University. With this lease, the school will expand its Inland Empire campus by about 5,000 sq.ft. to 15,000 sq.ft. This will allow Chapman to increase regional enrollment by 1,000 students from its current tally of 6,200 students. Canyon Crossings is the only project that fronts both Interstate 215 and State Highway 60. It is positioned in the heart of Canyon Springs, a 180-acre master planned commercial hub. Area demographics include a trade-area population of more than 625,000 people.
Transcan is also in the early planning stages of California Crossings, a regional freeway-oriented project in San Diego County, CA. Located near the future State Route 125 Freeway and Otay Mesa Road, the project will feature more than 1,000,000 sq.ft. of retail space and will include large format and major retailers, specialty shops restaurants, cafes and a neighborhood component. The new development site is situated one and half miles north of the Otay Mesa International Border Crossing with close to six million passenger vehicle crossings per year. The location will allow easy access to Baja’s largest city Tijuana, Mexico, with a population in excess of 1.8 million. With the site so close to the border, California Crossings should also appeal to the Latino customer. “It is certainly going to be a component of our marketing mix,” said Bahen. “However, it is not solely our target audience.”
In an effort to keep growing its portfolio, Transcan recently closed escrow on eight acres in Temecula, CA and is planning to develop a $20 million mixed-use center in the southwest region of Riverside County. Winchester Commercial Center is located at the intersection of Winchester Road and Willows Avenue. The 70,800 sq.ft. project is adjacent to an Albertsons-anchored shopping center and offers easy access to the Interstate 15 Freeway and the surrounding counties. The center will consist of commercial office and medical buildings ranging in size from 5,000 sq.ft. to a two-story, 22,000 sq.ft. building. Approximately 12,500 sq.ft. will be allotted for retail use. Winchester Commercial Center is expected to break ground in the first quarter of 2006 and open in late fall of that year.
Transcan is looking to acquire large parcels of undeveloped land (green or otherwise) that encompasses 90 to 200 or acres located throughout CA. The company will also consider growing markets for infill sites as well as at future markets. “We look for good freeway exposure and access, good household income and growth possibilities for the area,” Bahen added.
For more information, contact Bob Bahen, Transcan Development, LLC, 3189 Danville Boulevard, Suite 245, Alamo, CA 94507; 925-552-9742, Fax: (925) 552-9748, Email address: admin@transcanllc.com, Corporate website: www.transcanllc.com, Project websites: www.canyoncrossings.com and www.countycrossings.com