Palomar College purchases I-15 land for $38M

 

Last updated 11/29/2007 at Noon



SAN DIEGO — On Monday, CB Richard Ellis announced that Palomar Community College purchased 83.61 acres adjacent to the I-15 and SR-76 junction in Fallbrook from Environmental Development, doing business as Pala Village Investments Inc., for $38,241,902.

The land was part of the approximately 500-acre Passerelle development parcel, a proposed 1,366-unit residential project. Environmental Development still owns the remaining 420 gross acres with the residential housing development master plan pending approval.

Palomar purchased the land with funds from a $694 million bond approved by voters last year and will build its ninth campus on the site, tentatively scheduled to open in 2010. Preliminary plans include a 150,000-square-foot facility in four buildings.

Brent Wright of CB Richard Ellis represented the seller, Environmental Development. David Rodriguez of Pasadena-based Public Private Ventures Inc. represented Palomar.

Wright has brokered the same land site sale on three separate occasions over the past 10 years. Hewlett Packard acquired the 500-acre property in the 1980s with plans to build a 1.1-million-square-foot campus plus support housing. HP completed offsite improvements to the property, including a bridge providing access to I-15 as well as negotiating significant water rights.


In 1998, HP decided to focus development attention on their Rancho Bernardo campus and sold the Fallbrook property to Rottman Partners for $7.5 million with Wright representing both parties in the transaction.

After several failed attempts to entitle and develop the property as a mixed-use project, Rottman Partners hired Wright in 2001 to sell the property. In September of 2002, Rottman sold the entire 500 acres to Environmental Development for $9 million with Wright again representing both parties.


Environmental Development started their master planning process for a mixed-use project and in early 2004 Palomar approached the development company with interest in purchasing an 80-acre portion of the property near the highway junction.

Environmental Development entered escrow with the college later in 2004 and, after a lengthy public review process including the passing of a $694 million bond initiative to fund the sale, escrow closed this summer.

Public Private Ventures Inc., which represented Palomar in this transaction, acts as a partner-advocate to California’s community colleges and state universities providing services related to revenue enhancement, acquisition, land development and program partnerships.


PPV Inc. has collaborated recently on campus acquisition and development for Antelope Valley District near Palmdale, Gavilan College in the San Jose area, Kern County CCD and San Joaquin Delta outside of Stockton.

 

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