IRVINE, Calif.--(BUSINESS WIRE)--
TRI Pointe Homes, Inc. (NYSE: TPH) announced that, on June 30, 2015, its
San Diego-based homebuilding division, Pardee Homes, completed the sale
of a 15.72 acre employment center located in their 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.” 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.
About TRI Pointe Group
Headquartered in Irvine, Calif., TRI Pointe (NYSE: TPH) is one of the
top 10 largest public homebuilders by equity market capitalization in
the United States. The company designs, constructs and sells innovative
single-family homes and townhomes through its portfolio of six quality
brands, which include Maracay Homes of Arizona; Pardee Homes of
California and Nevada; Quadrant Homes of Washington; Trendmaker Homes of
Texas; TRI Pointe Homes of California and Colorado; and Winchester Homes
of Washington DC and Virginia. TRI Pointe Group was honored to receive
the 2015 Builder of the Year Award by BUILDER magazine and was named the
fastest-growing public homebuilder in the country. In 2014 TRI Pointe
was awarded Developer of the Year by Builder & Developer magazine.
Additional information is available at www.tripointegroup.com.
About Lincoln Property Company
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. Lincoln employs
approximately 4,400 people in 40 administrative offices in the United
States and Europe. Lincoln’s cumulative development efforts have
produced over 100 million square feet of commercial space and over
185,000 multifamily residential units. Lincoln Property Company is one
of the largest commercial real estate companies in the world. Access www.lpc.com
for more information.
About DTZ
DTZ is a global leader in commercial real estate services providing
occupiers, tenants and investors around the world with a full spectrum
of property solutions. The company’s core capabilities include agency
leasing, tenant representation, corporate and global occupier services,
property management, facilities management, facility services, capital
markets, investment and asset management, valuation, research,
consulting, and project and development management. DTZ provides
property management for 1.9 billion square feet, or 171 million square
meters, and facilities management for 1.3 billion square feet, or 124
million square meters. The company completed $63 billion in transaction
volume globally in 2014 on behalf of institutional, corporate,
government and private clients. Headquartered in Chicago, DTZ has more
than 28,000 employees who operate across more than 260 offices in 50
countries and represent the company’s culture of excellence, client
advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press
release. The new company, which will operate under the Cushman &
Wakefield brand, will have revenues over $5.5 billion, over 43,000
employees and will manage more than 4 billion square feet globally on
behalf of institutional, corporate and private clients. The agreement is
subject to customary closing conditions and is expected to close before
the end of 2015. For further information, visit: www.dtz.com
or follow us on Twitter @DTZ.
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Source: TRI Pointe Group