Brea Walden LLC paid $6.2 million to Houston-based Nuevo EnergyCo., which is the largest independent producer of oil and gas inCalifornia. The parcel abuts Tonner Hills, Nuevo's 790-acreproposed residential project.
"We are pleased to have realized a small portion of the value ofour California real estate portfolio and we believe that thistransaction bodes well for a larger one still to come," saysPhillip Gobe, Nuevo's interim president and CEO. Nuevo, which iscurrently seeking entitlement for Tonner Hills, plans to sell thatland as well.
"We acquired oil and gas assets in April 1996 and the land camealong with that purchase," says Barbara Forbes, a Nuevospokeswoman. Since real estate is not the company's core business,it has decided to sell the parcels, she explains.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
