FOR IMMEDIATE RELEASE: LAO-California Sells Largest Master Plan to Trade Hands in the Housing Recovery
FOR IMMEDIATE RELEASE
Land Advisors Organization’s California Division Sells Largest Master Plan to Trade Hands in the Housing Recovery
November 14, 2012 (Pasadena, California) – The California Division of Land Advisors Organization, the nation’s largest land brokerage firm, is pleased to announce the closing of “Rancho Las Flores,” a ±9,000-acre planned community within the City of Hesperia, County of San Bernardino. The property was sold in its current unimproved condition, with an approved specific plan for ±15,000 dwelling units.
The Land Advisors’ team of Terry Ruckle, Randy Coe and Michel Faris handled the transaction on behalf of a post-bankruptcy manager for the estate of a private mortgage lender that had previously lent more than $80M to the project.
“Given the size and scope of the asset, this transaction is an important bellwether for the broader California land market,” stated Land Advisors Co-Founding Principal, Terry Ruckle. “This signals a significant return of long-term private capital to land development real estate assets. The ability to re-create a development of this size is nearly impossible in the state of California.”
A Texas-based land developer has taken over the massive project – one of the largest remaining master planned projects in California. The project is ideally located at the southern portion of Victor Valley, poised to capitalize on future growth in the High Desert region while providing a shorter commute time to existing Inland Empire and Los Angeles County job centers.
Ruckle added, “Through our competitive process and unparalleled database of land investors, the net recovery on this deal for the lender will be significantly greater than was previously anticipated.”
Land Advisors Organization’s California Division is witnessing an uptick in interest from all buyer types in nearly every market in the state. Having completed more than $150M of transactions in 2012 through October, the company’s pipeline through the rest of the year is poised to more than double that number, a testimony to the major increase in land activity.
For additional information regarding this transaction, contact Terry Ruckle at 626.376.9840 x16, Randy Coe at 949.852.8288 x18, or Michel Faris at 949.852.8288 x14. For more information about the California Division of Land Advisors Organization, please visit landadvisors.com or contact Tom Reimers at (949) 852-8288 x28.
Land Advisors Organization specializes in innovative land brokerage through deep market insight and unparalleled client relationships. With an exclusive focus on land, Land Advisors Organization integrates current comprehensive information, cutting-edge technology and geographically specialized professionals to help our clients identify and capitalize on valuable opportunities in all kinds of economic environments. The Land Advisors Organization employs a true collaborative brokerage model with offices located throughout Arizona, California, Colorado, Florida, Nevada, Utah and Texas.