Lennar Pays $56M for Additional Platinum Triangle Land

ANAHEIM, CA-Lennar Communities has acquired 13.5 acres for its A-Town development in the Platinum Triangle for $56 million, increasing its land holdings in the area around Anaheim Stadium to nearly 56 acres. The company's Platinum Triangle acquisitions now total $250 million.The new land will be part of Lennar's A-Town development, according to Louis Tomaselli of the Anaheim Metro office of Voit Commercial Brokerage. Tomaselli and Mitch Zehner of the Anaheim Metro office represented Lennar. The newly acquired parcels are at the northeast corner of State College Boulevard and East Orangewood Avenue, directly adjacent to Angel Stadium.Lennar's A-Town master planned community to date is slated to include two public parks, 2,681 housing units and 150,000 sf of commercial and retail space in a variety of building types, including residential towers of 24 to 35 stories. Lennar has acquired 33 industrial buildings totaling more than 800,000 sf on the nearly 56 acres in the Platinum Triangle, with Tomaselli and Zehner representing Lennar in the deals.Richard Knowland, division president of Lennar Communities Inc., describes A-Town as a transit- and pedestrian-interconnected, mixed-use development. It is only one part of the Anaheim Platinum Triangle, which will include up to 9,175 housing units, five million sf of office space and more than two million sf of other commercial uses.Tomaselli notes that, with its latest acquisition, Lennar now owns land that accounts for more than 50% of all the residential project that Anaheim city officials have approved for the Platinum Triangle.