Southern California recently saw another land sale, this time involving Irvine-based community developer Five Point Holdings. According to a third quarter earnings announcement from the company, land entitled for a total of 146 homesites in Five Point Holdings’ Valencia neighborhood sold for $60.6 million. The land amounts to approximately 26 acres.
“In the third quarter, we built on our positive momentum from the first half of the year, with earnings for the third quarter of $14.2 million and an increase in our cash position of $25.1 million, giving us total cash and cash equivalents of $218.3 million. Notwithstanding the headwinds created by the interest rate environment, we are seeing consistent home sales in our communities and continued interest from home builders in our land,” said Dan Hedigan, CEO at Five Point Holdings.
Valencia is a Five Point community located just west of Santa Clarita on approximately 15,000 acres. According to a website for the community, Valencia is planned to have 21,500 new homes, 11.5 million square feet of commercial space and a variety of recreational spaces. This would include 10,000 acres of dedicated and protected natural open space, 50 miles of trails and 275 acres of planned parks.
Five Point has a number of communities planned for Orange, Los Angeles and San Francisco counties. These include the Great Park Neighborhoods in Irvine, and Candlestick and The San Francisco Shipyard in San Francisco in addition to Valencia. Overall, these communities would provide approximately 40,000 residential homes and about 23 million square feet of commercial space.
The deal adds to other recent land sales from Five Point Holdings. In a second quarter earnings release, the company also announced it had sold 798 home sites in Irvine for $357.8 million, according to The Registry’s previous reporting. The homesites total approximately 84 acres of land.
