SAN DIEGO—TRI Pointe Homes Inc. through its San Diego-based homebuilding division, Pardee Homes, has completed the sale of a 15.72 acre employment center located in its Pacific Highlands Ranch master plan community in San Diego County to a subsidiary of Lincoln Property Company.
“We are very pleased to have such a prestigious and experienced developer on board to build out the employment and R&D hub of our Pacific Highlands Ranch master plan community,” said TRI Pointe president, Tom Mitchell. “This employment center will be an excellent complement to the current and future neighborhoods, parks, and shopping centers located in the area.”
In July 2014, TRI Pointe completed the acquisition of Weyerhaeuser Real Estate Company (WRECO) and its five homebuilders, including Pardee Homes. “The sale of the Pacific Highlands Ranch employment site is a great example of our commitment to unlocking the embedded value from the land that we acquired with the WRECO transaction,” said TRI Pointe CEO, Doug Bauer.
Pacific Highlands Ranch is ideally situated midway between I-5 and I-15 and adjacent to the SR-56 freeway, making this new employment center easily accessible to residents both within and outside the community. Brig Black, executive vice president and San Diego regional partner for Lincoln, indicates that his firm is attracted to the site because of its “prominent, coastal and highly visible location, adjacency to exciting new retail and housing developments, along with best-in-class schools and community facilities.
“Moreover, the site is now fully entitled and ready to deliver a development of up 630,000 square feet of class A regional corporate headquarter office or life science campus,” Black says. Lincoln intends to develop a world class, amenity laden, environmentally responsible corporate campus for today's cutting edge hi-tech, life science or communication companies.
Rick Reeder, Brett Ward and Aric Starck of DTZ's San Diego office represented the seller, while the buyer represented itself in the purchase. The DTZ team has a long history of selling both land and existing assets in the Del Mar Heights office submarket, and is involved in leasing over 2 million square feet of the submarket's existing office product. “Del Mar Heights is one of San Diego's most sought-after professional and technology office submarkets and this Pacific Highlands Ranch parcel is the last available land for development within the submarket,” said Reeder.
Headquartered in Irvine, TRI Pointe is one of the ten largest public homebuilders by equity market capitalization in the United States. Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. DTZ is a global leader in commercial real estate services.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
