Cooperating brokers are being offered a 2% fee. Investors and Brokers should register at the bottom of this post in order to receive a marketing package.
Sperry Van Ness – Mimi Song Realty Group, Inc. and Guardian Management are pleased to present 169 bank owned paper lots located in Riverside County. Our lender client is extremely motivated and has asked us to provide for accelerated marketing of the site.
Offers will be due July 28, 2009. Prospective buyers are asked to submit their strongest cash offer prior to that date. The bank will select a buyer based on the combined terms of the deal including purchase price, due diligence timing, and closing period.
The property is located in the unincorporated community of Homeland in Riverside County. The site has frontage on Juniper Flats Road, approximately 1/2 mile north of HWY 74.
Register to receive a full marketing package by filling in the form below.
A joint venture between Foremost Land (Steve Cameron, President) and Starwood Capital has acquired a number of finished lots from an LLC formed by GMAC Finance. The lots are located in Fontana and are known as Rosena Ranch. The deal recorded on June 9, 2009 and was rumored to be for around $20,000/lot. It has been reported that the deal was for 141 total finished lots. Information available from Foremost on the venture is as follows.
Foremost has entered into a joint venture with a controlled affiliate of Starwood Capital Group Global, LLC, to create Forestar Land Partners, LLC. As the sole financial partner, Starwood is providing an initial $100 million of equity that with modest leverage will provide the venture with the purchasing power of at least $250 million. Foremost holds a general contractor’s license and will serve as the development manager for the projects.
Properties in Southern California from San Diego to Bakersfield to the Inland Empire are the primary interests of Forestar Land Partners. The partnership is seeking raw land, brownfields or urban redevelopment opportunities at any stage of the entitlement process that can eventually accommodate anywhere from 200 lots to large master plan communities.
Forestar’s plan is to develop communities for single-family or multi-family homes that may include commercial elements. It will complete entitlement, create the infrastructure and install utilities, then offer finished lots to builders.
Starwood Capital Group is one of the nation’s most active and successful real estate investment firms, having acquired a highly diversified portfolio totaling more than $14.0 billion in real estate assets. The firm selected Foremost Communities as its partner in Southern California because of Cameron’s acumen, reputation and connections in the region’s real estate industry.
Doug Jorritsma and Stone James of Park Place Land Advisors brokered the deal for the 141 lots. They can be reached at 949-852-8288.
Just a reminder to check out and register for the upcoming Sperry Van Ness auction. Sperry Van Ness has had some internal conference calls related to the auction and all indications are that the sellers are motivated and reserve prices are dropping every day.
Register for Auction by Clicking Here
April 1, 2009
Sperry Van Ness-Mimi Song Realty Group, Inc. and Guardian Management are pleased to announce the successful closing of 92 TTM approved lots (see attached) in the desirable Norco/Corona sub-market of Southern California. The 92 TTM lots were part of an REO marketing assignment from Sterling Savings Bank that included multiple assets in different sub-markets. John Reeder of Sperry Van Ness represented Sterling Savings Bank in the transaction. The Buyer was Spectrum Communities (David Salene, Principal). Dan McDonough, formerly of Park Place Partners, represented the Buyer in the transaction.
The deal was in escrow for a total of 21 days, including a Buyer feasibility period of 10 days, and closed at full contract price.
Sperry Van Ness – Mimi Song Realty Group continues to dispose of various REO development assets in the Southern California market. For more information, contact John Reeder at 951-847-6928.
This deal was also part of a joint-venture between Sperry Van Ness and Guardian Management (Karlin Conklin, COO) related to the Sterling Savings portfolio in Southern California.
Dan McDonough can be contacted at 949-852-7313.
Sperry Van Ness – Mimi Song Realty Group, Inc. is proud to announce the successful closing of 55 acres that will be the future site of a workforce development center in Hesperia.
Las Vegas based investor Carl Ross has sold 55 acres to Victor Valley College District (Dr. Robert Silverman, President) in a deal that closed on July 9, 2009. The land occupies the SEC of Main St. and HWY 395 in Hesperia. In addition to the 55 acre sale, Ross also gifted an additional 5 acres to the Victor Valley College Foundation, a non-profit organization which supports endeavors of the College District. The College funded the transaction with proceeds from Measure JJ, which voters approved by an overwhelming majority last November.
The 55 acres satisfied a strategic need of the College District in that it offered access to two major transportation arteries that will allow the College to better serve its student base once the workforce development center is operational.
The 5 acre parcel gifted to the College Foundation is expected to be held for future commercial development, which the Foundation will utilize to support the College District financially.
The deal was brokered by John Reeder of Sperry Van Ness. The total transaction was in excess of $10 million, a rarity for the current market’s land deals.
Sperry Van Ness – Mimi Song Realty Group was retained by the College District in its land search last summer. The eventual 55 acre acquisition was one of several suitable properties which was initially identified in the land search, though the 55 acres was superior to the other alternative site locations in a number of ways including access and land use consistency.
The property was originally part of 155 total acres which Ross acquired in 2006. In order to split the land for sale, Ross retained United Engineering Group – California to process a parcel map which was approved during the four month escrow. UEG also completed an ALTA survey for title insurance purposes at closing.
Title and escrow was handled by Lawyer’s Title. Crystal Leyvas, formerly of Lawyer’s and now of First American, was the rep.
Contact Information
Reeder – 951-847-6928
Leyvas – 909-510-6237
United Engineering Group – 909-466-9240
An LLC formed by investor Truong Pham of Santa Ana has acquired 108 lots in Menifee. The lots are located south of Simpson Road and east of Lindenberger Road in Menifee. The Seller of the property was an entity formed by RC Hobbs. Recorded information shows that the deal closed on June 25, 2009. The documentary transfer tax stamp recorded on the deed implies a total transaction size of $1.35 million, though the price could not be confirmed with Buyer or Seller. The lots had been partially improved, though no final map had been recorded.
Pham and his partners have been actively looking for development opportunities in the vulture market and are rumored to be using overseas investors for equity financing.
The deal was brokered by David Harbour of Whittlesey-Doyle. Harbour can be reached at 949-789-4555.
Title was handled by First American – National Homebuilder Services.
Sperry Van Ness – Mimi Song Realty Group, Inc. is pleased to announce the successful closing of 115 finished lots located in the City of Victorville. The Buyer in the transaction was Legacy Homes (Lorie Deem, President Southern California). The Seller was Sterling Savings Bank. The lots are located in the West Creek Specific Plan.
As part of its entitlements, West Creek includes a Mello Roos CFD which provides for payment of significant City Impact Fees, along with elementary school and high school fees.
John Reeder of Sperry Van Ness represented Sterling in the transaction, while the Buyer was represented by John Koko of MGR Real Estate and Ray Park. Escrow and title was handled by First American (Jeanne Gould).
This transaction was the fourth this year in which Reeder represented Sterling in conjunction with MBK Consulting (Mohammad Kashani, Principal). MBK Consulting provides due diligence services on Sperry Van Ness – Mimi Song Realty Group REO assignments in order to provide for expedited transactions that can close at full contract price. In the case of the 115 lots in West Creek, MBK’s involvement allowed for completion of a cost estimate and due diligence summary, along with various consulting services related to retiring improvement bonds and street capping of a portion of the project.
Contact Information
Legacy Homes 951-582-7004.
Reeder 951-847-6928.
Koko 909-322-7210.
Park 951-741-5132.
An LLC formed by investor Tom Olds, of Santa Ana, has acquired 578 paper lots in the City of San Jacinto. The land is located on State St./HWY 79, at the northern end of San Jacinto. The Seller in the transaction was Bank of America. The Bank acquired the lots in December 2008 through foreclosure. The lots were reported to be “ready to record” with final engineering in place.
Recorded information shows that the property had been part of a revolving line of credit with the previous developer, with the credit line being secured by multiple properties.
The deal was brokered by David Harbour of Whittlesey-Doyle. Harbour can be reached at 949-789-4555.
An LLC formed by Global Investment & Development (Aaron Rivani, Joseph Rivani, Principals) has acquired 95 acres located in the City of Palmdale. The Seller of the property was a syndicate of banks which had held a first trust deed and acquired title through trustee sale in March. The property is located south of Pearblossom Highway (138) and east of the 14 freeway in an area which has little remaining developable land besides this property.
The deal was brokered by Michel Faris of Park Place Land Advisors.
Global Investment has been an active player in the vulture market and can be reached at 213-365-0005.
Michel Faris can be reached at 949-852-8288.
Sperry Van Ness is pleased to announce the successful closing of 127 paper lots in the Town of Apple Valley, CA. The Seller of the property was a large regional bank and the Buyer was a private investor.
The deal was in escrow for a total of 7 days and closed at full contract price.
John Reeder of Sperry Van Ness represented the Buyer in the transaction, while the Seller was represented by Justin Esayian of the Hoffman Company.
The lots were a future phase of the Ravenswood development, a project which continues to be the best selling in Apple Valley due to a combination of excellent location and upscale floor plans.
The Seller continues to dispose of other Southern California land development assets through Hoffman Company. Justin Esayian should be contacted for marketing information.
The Buyer in this transaction is also an active investor currently looking for additional opportunities.
John Reeder can be reached at (951)847-6928
Justin Esayian can be reached at (949)553-2020
5/19/09
The Shopoff Properties Trust (Shopoff Group) acquired 543 paper lots on 236 acres from U.S. Bank in a deal that closed 5/19/09. The property is north of McCall and east of I-215 in Menifee. U.S. Bank had acquired the property as part of its acquisition of the assets of Downey Savings and Loan. Recorded information shows that Downey Savings had an outstanding balance of over $30 million when it acquired the property through foreclosure in April of 2008.
The property is part of TTM 29835, which was approved by the County of Riverside in 2006.
The deal was brokered by Park Place Land Advisors (Jeff Spindler, Principal) and Province West (Mark Kleiman, Rett Coluccio, Dan McDonough). Park Place can be reached at 949-852-8288. The brokers at Province West can be reached at 949-852-7313.
UPDATE: Shopoff is rumored to have found a Buyer to re-sell the deal to, at a substantial spread over their basis.
Shopoff Group can be reached at 949-417-1396 or by accessing their website at http://www.shopoff.com/
MarketMaker Auction Platform to sell REO, Bank Ordered and Developer Close-Out Properties
LOS ANGELES, Jun 24, 2009 (BUSINESS WIRE) — –Fees Paid to Cooperating Brokers
Register for Auction by Clicking Here
Sperry Van Ness/Guardian has announced the MarketMaker Western Regional Commercial Property Auction to be held July 30 at 2 p.m. at the Hyatt Regency Century Plaza in Los Angeles. To accelerate sales for the region’s most motivated sellers of commercial properties, the company launched MarketMaker a new distressed real estate liquidation platform. With more than 50 years of combined auction experience, Sperry Van Ness has sold more than 20,000 properties located across 46 states as well as Mexico, Puerto Rico and the Virgin Islands. Auction information can be found at www.svnmarketmaker.com.
A summary of the participating property listings include:
– Dozens of individual commercial properties located in six western states.
– In excess of $100 million in assets are aggregated (and growing).
– Properties are REO, bank ordered sale or developer close outs.
– Auction inventory is pre-qualified as "motivated sellers" only.
– Properties will be sold at up to 90 percent off the original loan balance.
– Each listing will have a qualified, local Sperry Van Ness listing advisor to improve due diligence efficiency.
Property listings are welcomed before June 30, subject to our pre-qualification criteria. The brokerage community is encouraged to participate in the auction as the site provides SHARElink, a proprietary website tool that allows agents to securely register clients and collect a cooperative fee. This on-line protection feature is unique to MarketMaker and is a first in the auction industry.
"Our team has spent the last several months filtering through hundreds of properties to identify the most sellable assets for this auction," said Karlin Conklin, Chief Operating Officer of Sperry Van Ness/Guardian. "With our solution, prospective investors will work directly with a local Sperry Van Ness advisor who has both property and market knowledge – ensuring a smooth due diligence process and timely closing. But ultimately, investors decide the value and the final price of this inventory."
April 2, 2009
Sperry Van Ness – Mimi Song Realty Group, Inc. is pleased to announce the successful closing of 29 partially finished lots located in the Orange County City of Lake Forest. John Reeder of Sperry Van Ness represented the Seller, Sterling Savings Bank, in the transaction. The Buyer was Silveroak Real Estate (Mark Frazier, Principal).
The transaction closed with less than a five day total escrow and closed at full contract price.
Sterling Savings had foreclosed on the much publicized project less than 14 days prior to re-selling it. The project had received significant media attention throughout 2008 due to the high profile bankruptcy of the previous developer.
Sterling Savings Bank continues to dispose of Southern California assets, including both paper lots and finished lots. For information on remaining REO, contact John Reeder at 951-847-6928.
Sperry Van Ness and Guardian Management (Karlin Conklin, COO) have joint ventured in representing Sterling in Southern California. Guardian has been selected as the Asset Manager on a number of Sterling assets throughout the Western US.
This transaction was the third this year in which Reeder represented Sterling in conjunction with MBK Consulting (Mohammad Kashani, Principal). MBK Consulting provides due diligence services on Sperry Van Ness – Mimi Song Realty Group REO assignments in order to provide for expedited transactions that can close at full contract price. In the case of this project, MBK provided various services aimed at preserving the City entitlements while the project was marketed and until escrow closed.
Sperry Van Ness is pleased to announce the successful closing of 125 lots (Verano & Tamarisk) located in Hesperia, CA. The Property was in escrow for a total of less than 7 days and closed at full contract price.
John Reeder of Sperry Van Ness represented both Buyer and Seller in this transaction. The Seller was Sterling Savings Bank and the Buyer was Viking Run LP. Sterling continues to dispose of Southern California assets. Contact John Reeder for additional information.
The transaction was the first of a number of transactions in which Sperry Van Ness has teamed up with Guardian Management (Karling Conklin, COO) in representing Sterling.
|
|
