February 2, 2006
San Diego, California — Lennar Homes has purchased, from JCC Homes, the balance of vacant land adjacent to their Belmar project located in Torrance, California.
The property, located at the northeast corner of Maricopa Street and Hawaii Avenue, is a former Hitachi manufacturing and distribution center, which was razed in December 2005 to make way for 45 single family lots which will complete the 104 lot residential community, Belmar.
The seller, an affiliate of JCC Homes Inc., entitled the project in 2003 for 104 single-family lots. Due to lease constraints with Hitachi, only the first 59 lots were conveyed to Lennar in 2003. Upon Hitachi's relocation, the seller was in a position to deliver the balance of the approved lots to Lennar.
The buyer, Lennar Homes South-Coast, based in Aliso Viejo, California, intends on commencing construction of the community immediately. Lennar will build homes ranging in size from approximately 2,100 to 2,850 square feet with prices starting in the low $900,000's.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $1.8 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates its efforts on key relationships with a select group of clients and properties.
Graham G.Weiss of GW Realty Co. represented both parties in this transaction. For additional information on this transaction or other land opportunities in Southern California, please contact Mr. Weiss at (858) 622-7171 or via email at graham@dirtdeals.com.