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5/11/12
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A 13.26-acre parcel of land in Redlands recently traded hands at a price of $2.74 mil. The raw, unentitled land, located at the northwest corner of San Bernardino Ave and I-210, is zoned for commercial/office use, and was purchased for future development.
Patrick Wood, a Senior Associate with Voit Real Estate Services, represented the seller, U.S. Bank National Association. The buyer TREH Partners LLC, is a Newport Beach-based developer.
The listing generated competing offers, which enabled the seller to secure pricing and terms that outpaced typical market conditions. In the end, the selected buyer provided a non-refundable deposit equal to the purchase price upon opening escrow, and the transaction closed four days thereafter.
“This transaction demonstrates the bullish outlook the development community has on the future growth of the Inland Empire market,” said Wood. “As the health of the market continues to improve, we are starting to see increased competition among buyers to acquire the limited supply of quality land positions in the Inland Empire. This competitive atmosphere will help to improve property values throughout the region.”
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