Newland Communities and Trimark Pacific Homes will jointlydevelop San Miguel Ranch on a 740-acre parcel in this north countycommunity. "The south county area of San Diego will be the focus ofgrowth in San Diego over the next several decades," says StephenHester, Trimark Pacific partner and division president. "San DiegoCounty is suffering from a shortage of lots for building homes andexperiencing high prices for the lots that are available," addsRobert McLeod, chairman/CEO for Newland. "The relatively affordableland still available in Chula Vista makes this an ideal area inwhich to build.

"The San Miguel project is a well-placed strategic investmentthat meets the goals of Newland's national portfolio program," headds, noting that his firm's portfolio is a diversified program ofentitled residential development projects acquired through limitedpartnerships with the California Public Employees RetirementSystem, the nation's largest public pension fund.

Trimark Pacific-San Miguel LLC, a partnership between TrimarkVentures and Cargill Financial Services, sold the 740-acre parcelto the Newland/Trimark partnership for $31.3 million. TrimarkPacific, which is affiliated with Trimark Ventures and Cargill,will serve as the partnership's developer, while Newland isproviding equity and debt financing. The two entities will shareauthority in development and marketing decision-makingactivities.