News
Highpark Acquired by Harridge Development Group
FOR IMMEDIATE RELEASE
Media Contact:
Jennifer Kearby, Marketing Associate
Land Advisors Organization
949.656.8026
jkearby@landadvisors.com
Highpark Acquired by Harridge Development Group
Irvine, CA (April 19, 2018) – “Highpark,” the largest entitled coastal development site in Los Angeles County, has been acquired by Harridge Development Group. Planned for 671 units on 61 acres, Highpark represents one of the last true master-plan communities approved in the South Bay region of Los Angeles. Land Advisors, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, was retained by the Seller, iStar Inc., to provide advisory and brokerage services in this monumental transaction.
Situated on the Palos Verdes Peninsula in the San Pedro area of Los Angeles, Highpark will be an upscale community that extends an air of prominence, reflecting the character of the existing neighborhoods and the encompassing environment. “Highpark’s location in the highly sought-after South Bay will allow for residents to enjoy the ambiance of a coastal lifestyle, from the environmental preserves along the peninsula, to the burgeoning development of San Pedro’s waterfront and historical downtown district,” remarks Mackey O’Donnell, Senior Vice President at Land Advisors.
The upscale gated community will feature a mix of single-family homes and townhomes, along with resort-style community amenities. Highpark’s variety of unit styles will be separated into six residential subareas along with community pocket parks, a public park and a hiking trail that encircles the property.
Currently, the South Bay is the most under supplied sub-region in Los Angeles, and due to the scarcity of land, the typical subdivision is developed on small in-fill sites. Tim Barden, Senior Vice President, comments, “Being able to deliver product in a masterplan community of this size is extremely rare, and Highpark will benefit tremendously from the supply and demand imbalance currently driving the housing crisis in Southern California.”
Moreover, receiving entitlements on a project of this size is an extreme rarity in Southern California and ultimately creates a huge demand when the project comes online. Founding Principal at Land Advisors, Terry Ruckle, concludes, “Receiving entitlements on a masterplan community in urban Southern California is extremely tough in today’s environment. As such, Highpark represents one of the most high-profile transactions to occur in L.A. County over the last several years.”
The Land Advisors team consisted of Terry Ruckle, Tim Barden, Mackey O’Donnell, Richard Byrd, and Chris Gomez-Ortigoza.
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Land Advisors Organization is a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets. With deep market expertise and a national network, Land Advisors helps clients identify and capitalize on valuable opportunities. The diversified LAO-CA platform includes Landmark Capital Advisors, disciplined in sourcing real estate debt and equity, and Market Insite specialized in consulting and research products for new homes and residential land.