IE Business Daily Business news for the Inland Empire.
WD Land in Irvine has completed the sale of two large tracts of land in Riverside County, both of which will be used for residential development.
The first, in an unincorporated area near Menifee and the community of Winchester, sold for approximately $10 million in a transaction between two private investment groups, said David Harbour, broker for WD Land.
The site covers more than 460 acres, enough for 1,704 lots. Most of those lots – the largest will cover about 7,200 square feet – must still be entitled and graded, so it will be awhile before anything is built there, Harbour said.
The second site, in Moreno Valley, is between Cactus and Brodiaea avenues just west of Wilmont Street. It was sold for an undisclosed sum by Quail Investment Group LLC in Irvine to Los Angeles-based KB Home.
The site is large enough to accommodate 159 lots that will range from 6,000 to 7,200 square feet. Construction could begin there in several months, Harbour said.
“The coastal markets are filling up, and that’s helping the Inland Empire housing market,” Harbour said. “The Inland Empire is one of the few places [in Southern California] where homebuilders can buy land in volume.”
WD Land is a brokerage firm that negotiates land sales for builders, investors, developers and landowners. It’s been in business for nearly 20 years.
