IE Business Daily Business news for the Inland Empire.
The Pechanga Band of Luiseno Mission Indians has purchased property across from its resort and casino in Temecula.
Tribal officials paid an undisclosed sum for two side-by-side parcels at Pechanga Parkway and Wolf Valley Road, said David Harbour, senior land advisor with WD Land in Irvine.
Combined, both properties cover more than 20 acres directly across the street from Pechanga Resort & Casino at 45000 Pechanga Parkway.
The seller was SPM-Wolf Canyon LLC, a private investment group based in Oregon. Both parcels are zoned for commercial use and were once part of the Wolf Creek retail-residential development, Harbour said.
The transaction, which took nearly two years to complete, was announced Oct. 1.
Both parcels are graded and could be developed with minimum preparation, Harbour said.
However, the tribe has no immediate plans to build on either site.
“We are very pleased to have reacquired land that was part of Pechanga’s original homelands,” Pechanga Tribal Chairman Mark Macarro said in a statement. “Our tribe was also concerned with the prospect of more high-density housing coming into the community. We have no plans to develop the land and intend to wait and see how the market evolves in the years ahead.”
WD Land is a brokerage company that finds parcels, usually infill sites, for its developer clients and then helps negotiate a sale. It has been in business for 20 years and has worked extensively in the Inland Empire, according to the company’s website.
