Originally zoned open space, the land was entitled by Allied for 400 residential units and 100,000 square feet of commercial building area, prior to Allied’s 2011 purchase. “The entitlements were particularly complicated by the fact that the land straddles the city and county line, and therefore required approvals from Upland and Claremont, including certification of an environmental impact report, general plan amendments, zone changes, and adoption of specific plans, all by both cities,” said Doug Beiswenger, principal of LBG and Allied. Beiswenger added, “Needless to say, we are thrilled with the outcome of the investment, and wish the buyer great success with the land.”
Land values in the Inland Empire have climbed steeply since Allied purchased the property. David Goldman, also a principal of LBG and Allied said, “Our plan was to assemble the land, entitle the land, and take advantage of improved market conditions, and that is exactly what we did.” LBG has been aggressively investing in value add commercial properties and distressed debt in California, Nevada, and Utah since the market bottomed in 2010, and intends to continue making such investments for the foreseeable future.
About LBG Real Estate Companies, LLC
Based in Los Angeles, California, LBG Real Estate Companies, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the western United States. The company focuses on opportunistic investments with a strong preference for retail properties. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation, while minimizing risk. LBG seeks to acquire retail properties and distressed debt in the western United States.