WASHINGTON, D.C. – May 2, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the sale of the 200-acre University Hills project. The transaction price could not be disclosed. The sale is one of the largest in Riverside County so far this year, and by far the largest in Temecula.
Nate Pivaroff from Lee & Associates’ Irvine office and Matt Weaver from Lee & Associates’ Carlsbad office represented the seller John Firestone. “Some finished lot prices in Temecula are trading at higher prices than during the peak in 2004-05,” said Weaver. “We received interest from buyers all over the U.S. for this highly visible property. This activity is emblematic of a rising land market.”
“Home builders want to be in Temecula because it has the highest rated school district in Riverside County, is within an hour of Orange and San Diego counties and still has relatively affordable home prices for home buyers,” added Weaver.
The buyer, Ambient Communities, is a real estate development company that specializes in in-fill and suburban land planning & entitlement, land development and construction of multifamily, attached & detached for-sale residential, mixed-use and commercial. It plans to develop and entitle a residential master plan on the subject property with units and homes of all sizes.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.