Marketplace Properties Closes Escrow on $18 Million Mixed-Use Site

Tustin-based Marketplace Properties has closed escrow on the site of its new $18 million, mixed-use project in the western San Bernardino County city of Rancho Cucamonga.

Rendering courtesy of Marketplace Properties

Town Place Square will be located on a 7-acre site at the northeast corner of Milliken Avenue and Fourth Street, directly across the street from The Ontario Mills, one of Southern California's largest shopping malls.

Town Place Square will be anchored by a four-story, 112-room Marriott TownePlace Suites Hotel and a 8,400-sq.-ft. retail shop building. Three additional pads are designated for retail and sit-down restaurants.

Brea-based Campbell Motel Properties Inc. acquired 2 of the 7 acres from Marketplace Properties, which will own and operate the hotel under a franchise agreement with Marriott. Grading of the site is expected to begin this month, with completion expected in summer 2005.

"Within a span of eight very hectic days, we closed escrow on three former Ralphs supermarket buildings and our Town Place Square project, plus received planning commission approval from the city of Rancho Cucamonga on our new upscale neighborhood development project, Winery Estate Marketplace," said Michael Rue, president of Marketplace Properties.

Established in 1985, Marketplace Properties is a full-service shopping center development company. The company has completed 17 projects totaling over 1 million sq. ft. of leasable building area at a cumulative cost of about $125 million. While most projects have been developed in the eight-county Southern California region, the company has also developed centers in Phoenix and Las Vegas.

SCS Engineers Completes Assessment in Pico Rivera

Long Beach-based SCS Engineers has completed environmental site assessment services for the Krikorian Theater Brownfields Redevelopment Project in the Los Angeles County city of Pico Rivera

SCS Engineers was retained by the city's redevelopment agency to provide environmental consulting services for the 11-acre brownfields site and future home of a Krikorian theater complex and shopping center. Deborah Lopez was the project manager for the city.

The project site is the first in the Los Angeles region to receive closure from the Los Angeles Regional Water Quality Control Board under the Polanco Redevelopment Act. Enacted to assist redevelopment agencies in responding to brownfield properties in their redevelopment areas, the Polanco Act prescribes processes for redevelopment agencies to follow when cleaning up a hazardous substance release in a redevelopment project area. It also provides certain immunities from liability for redevelopment agencies, subsequent property purchasers and investors.

The focus of the project was to conduct a thorough site characterization by analyzing soil, soil vapor and groundwater samples. Adhering to the processes required under the Polanco Act, the investigation resulted in the identification of several areas with elevated levels of lead and PCBs. Impacted soils were excavated and properly disposed.

Through the preparation of reports describing results of investigations and corrective action, in addition to preparation of investigation and remedial action work plans, SCS Engineers was able to coordinate the investigative and closure process with RWQCB.