INLAND EMPIRE, CA. (May 3, 2012) – Voit Real Estate Services’ Inland Empire office has directed the $2.74 million sale of a 13.26-acre parcel of land (top left aerial) in Redlands, Calif. on behalf of the seller.
The raw, unentitled land is zoned for commercial/office use, and was purchased for future development, according to Patrick Wood (middle right photo), a Senior Associate in Voit’s Inland Empire office.
Wood represented U.S. Bank National Association as the seller in the transaction. The buyer TREH Partners, LLC., is a Newport Beach-based developer.
According to Wood, Voit was successful in generating multiple competing offers on the property, which enabled Voit to secure pricing and terms that outpaced typical market conditions. In the end, the selected buyer provided a non-refundable deposit equal to the purchase price upon opening escrow, and the transaction closed four days thereafter.
“While the development of this land is likely years away, we were successful in demonstrating the value of this strategically located land, and closed the deal in less than a month from taking the property to market,” commented Wood.
“This transaction demonstrates the bullish outlook the development community has on the future growth of the Inland Empire market,” said Wood.
“As the health of the market continues to improve, we are starting to see increased competition among buyers to acquire the limited supply of quality land positions in the Inland Empire. This competitive atmosphere will help to improve property values throughout the region.”
The property is located at the Northwest corner of San Bernardino Avenue and Interstate 210 in Redlands, Calif.
This is the second land transaction Wood has completed for U.S. Bank National Association in the Redlands area over the past six months.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
No comments:
Post a Comment