Weiland Golden Closes $71 Million Deal
In late May 2011, Weiland, Golden, Smiley, Wang Ekvall & Strok
closed on a $71 million transaction for its client after securing permission from a bankruptcy court to put two properties in Riverside County and one in Kern County out to bid in January.
"Land values have improved from the bottom of the land market a few years ago," says OCBA member Kraig Kilger, a real estate partner with the firm. "That's usually a precursor of a recovery. Land buyers, like the buyers of these assets, are taking a longer, more optimistic view of Southern California's real estate market."
The three properties are: McAlister Ranch, 2,070 acres planned for 6,265 residential lots in Southwest Bakersfield; Summerwind, 2,591 acres planned for 3,683 residential lots in Calimesa; and McSweeny Farms, 673 acres planned for 1,330 residential lots in Hemet.