VOIT DIRECTS 13.26 ACRE LAND SALE FOR DEVELOPMENT IN THE INLAND EMPIRE
Patrick Wood of Voit’s Inland Empire office completed the $2.74 million land sale for U.S. Bank National Association.
INLAND EMPIRE, CA – May 3, 2012 – (RealEstateRama) — Voit Real Estate Services’ Inland Empire office has directed the $2.74 million sale of a 13.26-acre parcel of land in Redlands, Calif. on behalf of the seller. The raw, unentitled land is zoned for commercial/office use, and was purchased for future development, according to Patrick Wood, a Senior Associate in Voit’s Inland Empire office.
Wood represented U.S. Bank National Association as the seller in the transaction. The buyer TREH Partners, LLC., is a Newport Beach-based developer.
According to Wood, Voit was successful in generating multiple competing offers on the property, which enabled Voit 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.
“While the development of this land is likely years away, we were successful in demonstrating the value of this strategically located land, and closed the deal in less than a month from taking the property to market,” commented Wood.
“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.”
The property is located at the Northwest corner of San Bernardino Avenue and Interstate 210 in Redlands, Calif. This is the second land transaction Wood has completed for U.S. Bank National Association in the Redlands area over the past six months.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader (at) browermillercole (dot) com
