Ontario Ranch, a 20-acre master-planned community in southern Ontario, has been sold to an Orange County firm that plans to develop a major retail project there.
Wood Investment Cos. in Costa Mesa paid $18.5 million for the project, reportedly the largest master-planned community in Southern California, according to a statement released today.
The seller was a San Diego-based investment group.
Both parties were represented by CBRE.
Wood Investments will develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail center anchored by Burlington Coat Factory, Five Below, Hobby Lobby, and Planet Fitness.
A national grocery tenant whose name was was not announced will also be located there.
The project is 70 percent pre-leased, with more tenants expected to be announced, said Greg Vujnoy, Wood Investments’ chief operating officer, in the statement.
The Ranch at Model Colony will be developed at Ontario Ranch Road and Hamner Avenue, a heavily traveled intersection about a half-mile from Interstate 15.
Ontario Ranch is between Euclid and Milliken avenues south of Riverside Drive. More than 46,000 homes are built, under construction, or permitted there, and its population is expected to double in the next 20 years, according to the statement.
Ontario Ranch is Wood Investments’ seventh acquisition in the western United States in the last 19 months. Those properties combined were worth $138.34 million, including $70 million in the last four months, according to the statement.