Investec Real Estate Companies, specializing in entitlement projects in high barrier to entry markets as well as coastal California retail properties, is pleased to announce the firm has sold the 12-acre residential portion of Lagunitas, a fully-entitled 25-acre mixed-use residential/office development in Carpinteria, Calif. Public records show that the property sold for $10 million.
The purchaser was ResCal Lagunitas 73, LLC. MD2 Communities, in a joint-venture between two California builders, Scott Dinovitz of D2 Development and Craig Mattey of the Mattey Group, will develop the residential component on behalf of the new owner. MD2 Communities expects to commence construction on the infrastructure in the spring of 2011, followed by the construction of 37 single-family detached homes, 25 town homes and 11 affordable units beginning as soon as fall 2011.
Located just off the 101 Freeway, less than a mile from the ocean on 6380 Via Real in Carpinteria, Lagunitas is currently entitled for 73 single-family homes on the northern part of the property, along with 84,550 square feet of office space along the southern part of the property. Investec retained the 13-acre office portion of the project.
The residential portion of Lagunitas was sold as a single parcel prior to the installation of infrastructure or the recording of the final map for the individual lots. “We received substantial interest in the residential portion of our Lagunitas project, which resulted in multiple offers at our asking price,” said Ken Slaught, Investec’s President. “We were pleased with the diligence and focus the buyer and MD2 Communities brought to the transaction, and the confidence in the local market shown by the closing terms,” he reported.
Lagunitas, formerly owned by the Arneson family, residents of Carpinteria, was acquired by Investec in 2007. The Lagunitas property was originally designed for 360,000 square feet of office. However, the City of Carpinteria envisioned a live/work campus community. Investec responded by designing a “state-of-the-art” mixed-use development providing on-site housing and jobs for Carpinteria residents. Investec is currently in negotiations with potential owner/users for the office component.
Investec and the buyer will cooperate in the development of the shared on-site and off-site improvements, which benefit both the residential and office portions of the Lagunitas project.
“We are looking forward to completing the on- and off-site improvements and realizing the vision of the Santa Barbara area’s largest and most innovative recent mixed-use project,” stated Rich Ridgway, President of Investec Construction.
For more information about Investec’s acquisition criteria, please contact Grant Harris at 805-962-8989 x343.
MD2 Communities is a new company comprised of second-generation builders infusing old world traditional work ethic coupled with today’s innovative approach to building quality projects. MD2 was formed as a venture between The Mattey Group and D2 Development, Inc. The company is comprised of proven real estate professionals who collectively have over 75 years of development experience spanning two generations. Each individual within MD2 provides the unique expertise needed to operate and maintain a successful real estate firm. The company principles and employees have managed, entitled and developed a mixture of residential, commercial, and industrial properties in Southern California. With foresight and good planning, both The Mattey Group and D2 Development have no toxic “Legacy Assets.” This allows the company to devote 100% of its efforts towards new acquisitions and building quality projects. For more information, call Scott Dinovitz at 818.398.3500.
Since its inception in 1983, Investec has handled more than one billion dollars in real estate transactions. Having thrived in one of the nation’s most competitive real estate markets for more than 27 years, Investec remains ideally positioned for continued growth in this dynamic and challenging industry during turbulent economic times. Investec’s current portfolio includes more than three million square feet of commercial properties under management in California including shopping centers, office buildings, and self-storage facilities. Investec’s acquisition and development strategy is primarily focused on necessity-based, recession-resistant market/drug anchored neighborhood shopping centers. For more information, call 805.962.8989 x343.