Wood Investments Companies Inc. recently acquired 19.6 acres in the new Ontario Ranch master-planned community in Ontario. On the site, Wood plans to develop a 206,072-square-foot retail center anchored by a national grocery tenant, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness, with more tenants to be announced.

The purchase price was $18.49 million. This is Wood Investments’ seventh acquisition in the Western United States in the last 19 months for a combined value of $138.34 million including $70 million in the last four months.

“We are already 70 percent pre-leased and expect to soon announce more tenant names including several top restaurants,” says Greg Vujnov, Wood Investments Companies’ chief operating officer. “Retailers recognize the tremendous population growth in the Ontario Ranch master-planned community. The strong tenant lineup for retail, food and services will draw from a young and growing residential area along with a dynamic daytime population. This area of Ontario is often referred to as the Irvine of the Inland Empire.”

The area has more than 46,000 homes built, under construction or entitled. The population in Ontario Ranch is expected to double within the next 20 years. CBRE’s Brian McDonald and Walter Pagel represented Wood Investments Companies in the sales and lease transactions. CBRE also represented the seller, GDC RCCD 2 LP of San Diego.