SAN JUAN CAPISTRANO, CA—A venture that includes Arizona-based Taylor Morrison Home Corp. has bought Pacifica San Juan home development here, with plans to revive the moribund project.
According to a report in the Orange County Business Journal, Taylor Morrison, of Scottsdale, AZ, has partnered with Oaktree Capital Management LP of Los Angeles and DMB Pacific Ventures LLC of San Francisco to buy the land from Lehman Brothers Holdings Inc. Terms of the deal were not disclosed.
The article notes that a public government report issued last year, estimated that the property might fetch $150 million.The asset is entitled for 318 home new lots. In addition, 98 homes are already built at the development, which stalled during the recession and Lehman's bankruptcy.
The buyers plan to restart the community and complete the development plan as it was originally written and approved. The deal represents the second purchase by Taylor Morrison of a former Lehman property in Orange County.
Click Orange County Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
