Transcan Development Signs Chapman University at Canyon Crossings 90-Acre Mixed-Use Project in Riverside

RIVERSIDE, CA – CB Richard Ellis announced today that Chapman University has signed a 10-year lease at the new Canyon Crossings Corporate Center located at the southeast corner of the 60 and 215 freeways in Riverside. Chapman’s lease is both a relocation and expansion of their Inland Empire campus.

The deal, executed with Transcan Development LLC of Alamo, Calif., represents the first tenant for the freeway-oriented Canyon Crossing Corporate Center, which is scheduled to complete construction in the first quarter of 2006.

CBRE Vice Presidents John Oien and Natalie Bazarevitsch, from the company’s Ontario office, represented Transcan Development in the transaction, while Shane Wilder of Julien J. Studley, Inc.’s Orange County office represented Chapman University.

With this lease, Chapman University is expanding its Inland Empire campus by approximately 5,000 square feet, allowing the University to increase regional enrollment by 1,000 students, up from its current Inland Empire enrollment of 6,200 students.

In addition, this growth is expected to add approximately 10 jobs. A number of undergraduate, graduate degrees, credential programs, and certificates will be offered through the new campus when it begins operations in January 2006. Chapman University has had an Inland Empire campus since 1987, located at 22620 Goldencrest Dr. in Moreno Valley.

“Having a campus of a prestigious university like Chapman located in this new corporate center will be a major draw for other companies looking at the area. With so many Inland Empire residents continuing their education while working, the convenience of having work and school in the same location is appealing to both employees and employers,” said Oien.

Canyon Crossings Corporate Center, located in the heart of Canyon Springs +/- 180-acre master planned commercial hub, is also part of the Canyon Crossings 740,000-square-foot retail power center that broke ground last year and will include Wal-Mart Supercenter, John's Incredible Pizza, LA Fitness, Wickes Furniture and Home Gallery Furniture plus a mixture of other major retailers, specialty shops, restaurants and lifestyle venues.

A new Target, Sam’s Club, Best Buy, Linens ‘N Things, Michaels, PETsMART, Pier One Imports and Famous Footwear plus several quick-service restaurants are some of the many popular retailers that are located adjacent to the project.

John Oien and Natalie Bazarevitsch of CBRE are the exclusive marketing and leasing agents for Transcan Development’s Canyon Crossings Corporate Center and Winchester Commercial Center in Temecula. Tom Swieca and Tony Archer of CBRE are handling the leasing and marketing of Canyon Crossings' retail component.


About CB Richard Ellis
Headquartered in Los Angeles, CB Richard Ellis (NYSE:CBG) is the world's leading commercial real estate services firm (in terms of 2003 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis has more than 300 offices across 50 countries around the world. Please visit our Web site at www.cbre.com.


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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