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Ontario, Calif. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the property for $18.5 million. Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The shopping center will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include Burlington, Five Below, Hobby Lobby and Planet Fitness. Brian McDonald and Walter Pagel of CBRE represented Wood Investments in the purchase and lease transactions. CBRE also represented the seller in the deal.