REAL ESTATE : Hillman Properties to Construct 24 Buildings in 2 South County Areas

Hillman Properties, Newport Beach, is expanding into southern Orange County. The developer and investor bought 13 acres in Baker Ranch, a 700-acre business park near the huge Irvine Spectrum business park at the junction of the San Diego and Santa Ana freeways. The developer has already begun construction of 20 buildings on the eight-acre Vista Terrace Business Park property, bought for $3.1 million. Hillman will also build four concrete industrial buildings on its five-acre Foothill Business Park, bought for $2.4 million. Both are expected to open in April.

And another developer, Hopkins Development Co. in Newport Beach, has some new business in Riverside. Hopkins said it obtained exclusive rights to negotiate the redevelopment of a block in that city. Named Orangetree Plaza, the block--near Riverside’s historic district--will get 74 apartments and condos, plus offices and stores. It is the first redevelopment project in Riverside to provide housing units, Hopkins says.