SAN DIEGO-Land-development firm Lansing Cos.’ recent acquisitions of two major Southern California-based assets from Lehman Brothers join more than 20,000 residential lots and over 30,000 acres currently in various stages of development in Lansing’s portfolio. The two former Lehman properties include the master plan of Lerno and the specific planned community known as La Paloma, consisting of more than 1,700 fully entitled lots and 1,100 residential lots, respectively.
Gregory Lansing, company president and CEO, says that he appreciates “the efforts by the Lehman executives to conclude a mutually satisfactory transaction in a timely manner. We at Lansing Cos. strive to provide the best in land-development services to all of our various partners and lenders.”
Other current projects for Lansing including the 2,000-unit master-planned community of Skyborne, located in the Coachella Valley, as well as a venture with Pulte Homes on its 2,600-unit Rancho Diamante DelWebb project, located in the City of Hemet.
Lansing could not be reached by GlobeSt.com before deadline to discuss the company’s plans for the Lehman assets, the exact ages and locations of the properties, the purchase price or whether other purchases in the area are planned.
Lehman Brothers had another disposition in the Southern California region recently. As GlobeSt.com previously reported, according to a published report from Real Estate Financing Intelligence, earlier this month Lincoln Properties agreed to buy Wedbush Center in downtown L.A.—owned by a partnership between New York-based Broadway Partners and Lehman Brothers--for $130 million or $283 per square foot. Broadway Partners had acquired the property back in 2007 in a 24-office building portfolio purchase from Boston-based Beacon Capital Partners LLC, as GlobeSt.com had also previously reported.
Also of note, as GlobeSt.com had reported, in March Lehman Brothers Holdings Inc., which had filed for Chapter 11 reorganization in September 2008 with more than $600 billion in debt, announced that it had emerged from bankruptcy protection, according to court documents. The former giant of investment banking, among the most active players in commercial real estate before its largest-ever bankruptcy filing, had set April 17 as the date to begin payouts to creditors.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
