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4/01/14
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An institutional investor purchased a 42-acre land site in the Inland Empire cities of Upland and Claremont, for $48 mil. The land, known as “Park View,” was sold Allied Retail Partners LLC, an affiliate of LBG Real Estate Companies LLC. Allied purchased the majority of the land in June 2011, and paid a total of approximately $12 mil for the combined 42 acres.
Originally zoned open space, the land was entitled by Allied for 400 residential units and 100k sf of commercial building area, prior to Allied’s 2011 purchase. “The entitlements were particularly complicated by the fact that the land straddles the city and county line, and therefore required approvals from Upland and Claremont, including certification of an environmental impact report, general plan amendments, zone changes, and adoption of specific plans, all by both cities,” said Doug Beiswenger, principal of LBG and Allied.
Land values in the Inland Empire have climbed steeply since Allied purchased the property. Allied purchased the majority of the land in June 2011, and paid a total of approximately $12 mil for the combined 42 acres.
Based in Los Angeles, LBG Real Estate Companies LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the western United States. The company focuses on opportunistic investments with a strong preference for retail properties.
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