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13-Acre Brea Parcel Sparks $6.2-Mil Sale

BREA, CA-Brea Walden LLC has the land now it just needs to decide if a 13-acre purchase will be dedicated to multifamily development. The property stands adjacent to a 790-acre proposed residential project.

By Erin Cassin | Updated on October 11, 2001

BREA, CA-As Southern California continues to be plagued by a shortage of housing, a private partnership has acquired a 13-acre parcel of land in Brea that is possibly slated for multifamily development.

Brea Walden LLC paid $6.2 million to Houston-based Nuevo Energy Co., which is the largest independent producer of oil and gas in California. The parcel abuts Tonner Hills, Nuevo’s 790-acre proposed residential project.

“We are pleased to have realized a small portion of the value of our California real estate portfolio and we believe that this transaction bodes well for a larger one still to come,” says Phillip Gobe, Nuevo’s interim president and CEO. Nuevo, which is currently seeking entitlement for Tonner Hills, plans to sell that land as well.

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