Dec 16, 2009

SOLD! $3 Million Land Deal

North Pointe Specific Plan

---

By: Chris Lamoreaux

Jason Lamoreaux and Mehdi Mostaedi, president and senior vice president respectively of Coldwell Banker Commercial Real Estate Solutions in Victorville, California, have successfully negotiated the sale of a 476 acre land project in the Town of Apple Valley between seller Wells Fargo Bank and buyer Apple Valley Partners LLC.

 

The full amount of the sale was $3 million and represents one of the largest land transactions in the last two years in California’s Victor Valley region.

 

The project known as the North Pointe Specific Plan was originally proposed by Cambridge Homes and approved as a specific plan by the Town of Apple Valley in 2007.  The North Pointe project is located west of Bell Mountain in northern Apple Valley, north of the extension of Falchion Road. 

 

Future plans provide for a variety of land uses, including over 800 housing units including Single-Family Residential on lots that range from half-acre to one-acre, 46 acres of commercial properties, 74 acres of Mixed Use including retail and office, plus 25 acres of freeway right-of-way access for the proposed High Desert Corridor route E-220 and a 60 acre park.

 

Lamoreaux and Mostaedi were selected to represent the investment group based on their extensive experience over the last two decades and background of developing similar size projects.  While representing land owners and buyers alike throughout the valley, these Coldwell Banker Commercial professionals have completed over $28 million in transactions in North Apple Valley area alone. 

 

“The high desert represents a great investment, and North Apple Valley is no exception”, stated Mr. Lamoreaux.  “The Town of Apple Valley has a great vision for the future growth of the community and North Pointe Specific Plan is a testament to their goal of creating efficient and sustainable growth”.

 

Lamoreaux and Mostaedi specialize in full service land transactions including land entitlement and development, both residential and commercial, and representing clients for highway right-of-way acquisitions.  They are experienced in assembling investment groups, identifying opportune assets and negotiating successful land acquisitions,

 

Having past experience with REO properties and understanding the bank’s need for a short escrow, Lamoreaux and Mostaedi initiated and completed the inspections, assessments, and most all due diligence of the project during the negotiations, allowing the buyer to perform within the short time period provided by the bank.

 

Jason Lamoreaux and Mehdi Mostaedi represented the buyer in the transaction. The seller was represented by Howard Hamlin of Hamlin & Gooding.  For more information, please contact either Mehdi Mostaedi or Jason Lamoreaux at 760-684-8000 or info@cbcDesert.com.