University of California to Sell Hansen Trust Property

PRLog (Press Release) - May 26, 2011 - The University of California has decided that the time is right to offer its Hansen Trust Property for sale to potential developers and builders.  The ±35.67 acre UC Hansen Trust Property, located at the southeast corner of Saticoy Avenue and Telegraph Road in Ventura was granted all discretionary approvals needed for development, from the City of Ventura in 2008, and was annexed into the City in 2009. At the time that the Project was fully approved, the local housing market had declined dramatically as a result of the recent recession.  The University made a strategic decision to wait to market the property until there were signs of economic recovery, and it had received an acceptable level of perceived interest from the homebuilder community.

The entitlement approvals for the site include the UC Hansen Trust Property Specific Plan and its companion Vesting Tentative Tract Map, and Development Agreement.  Development of the site will ultimately include 131 market-rate detached homes, approximately 31 market-rate attached rowhouse condominiums, and 6 acres of Public Park and open space areas.  Additionally, a 1.4 acre building pad will be donated to the City of Ventura’s Housing Authority, which has agreed to construct 20-24 units of Farmworker rental housing on the donated site.

The UC Hansen Trust Property was bequeathed to the University of California by the late Thelma Hansen as part of her overall endowment to create the Thelma Hansen Fund, for the support and maintenance of the University’s agricultural research and extension activities in Ventura County.  All net proceeds from the University’s sale of the UC Hansen Trust Property will go to fund the long term mission of the Thelma Hansen Fund.

The University of California is offering the UC Hansen Trust Property for sale along with its development approvals to a qualified developer/builder.  As required by law, sale of the property will take place via a publicly advertised “sealed bid” process, in conformance with the State of California’s Stull Act.  The Minimum Bid Price for the property is $27 Million.  The University will consider offers on either an ALL-CASH basis, or with CREDIT TERMS, under which the University is offering to finance up to 70% of the purchase price for up to three years.  All bids must be received by the University at its Oakland, CA Office, as described in the Bid Package, by no later than Wednesday July 20, 2011.  

Dyer Sheehan Group, Inc., the Ventura based real estate consulting & brokerage firm which represented the University as its project manager through the development approval process, is exclusively representing the University as its Broker for the sale of the UC Hansen Trust Property.  Prospective bidders may request a bid package by contacting Dawn Dyer or Paul Sheehan at Dyer Sheehan Group, (805) 653-8100.

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Dyer Sheehan Group, Inc. offers an extensive menu of real estate analysis, brokerage & development services to property owners, investors, developers & public agencies. We enable clients to make informed investment & development decisions.

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