Transcan Development Closes Escrow on Planned $20 Million Mixed-use Development in Temecula, Calif.

ALAMO, CA - Transcan Development, LLC announced that it has closed escrow on 8 acres in Temecula and is planning to develop a $20 million mixed-use center at the northwest corner of Winchester Road and Willow Springs Avenue, adjacent to an Albertsons-anchored shopping center.

The price was undisclosed. Randy Whittington of Land Pro in Riverside represented both the buyer and the seller, Bungalow Investments of San Diego.

The new 70,800-square-foot project, Winchester Commercial Center, will consist of commercial office and medical buildings ranging in size from 5,000 square feet to a two story, 22,000-square-foot building. Approximately 12,500 square feet will be allocated to retail use.

CB Richard Ellis in Ontario is handling the leasing and marketing of the project. Summit Builders of Newport Beach is the general contractor for Winchester Commercial Center, which is expected to break ground in fall of 2005, with completion anticipated in late spring of 2006.

Summit Builders is also the general contractor for Transcan Development’s Canyon Crossings project in Riverside, a $42 million mixed-use project in Riverside, California, located at the intersection of Interstate 215 and State Highway 60. Construction is underway on phase one of Canyon Crossings and is expected to open in the first quarter of 2006.

According to Bob Bahen, CEO of Transcan Development, LLC of Alamo, Calif., “With Temecula’s rapidly growing population, there is a high demand for quality office space. This site is a prime location with easy access to I-15 Freeway and the surrounding counties.” Temecula is located in the southwest area of Riverside County.

For leasing information on Winchester Commercial Center, contact John Oien and Natalie Bazarevitsch at CB Richard Ellis, 4141 Inland Empire Boulevard, Suite 100, Ontario, CA 91764; Tel: (909) 418-2220.


About Transcan Development, LLC

Transcan Development, LLC, a California corporation based in Alamo, specializes in the development of large-scale, quality mixed-use projects that integrate some or all of the following components: retail, office, residential and transportation. Led by Robert J. Bahen, a seasoned veteran with a 30-year track record in all aspects of real estate development and complex redevelopment projects, Transcan Development’s long standing relationships with tenants, municipalities and lenders and its reputation for integrity and performance, has propelled it to the forefront of California development. Currently, the Company is in various stages of planning and development of nearly 3,500,000 square feet of retail, office and residential space throughout California. Visit www.canyoncrossings.com for more information about the Company and its mixed-use project which is currently under construction in the City of Riverside.

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