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MORENO VALLEY, CA-In one of the largest entitled parcels of land to come on the market in the Inland Empire in some time, the University of California Regents plan to sell the university’s 685-acre Moreno Valley Field Station and have hired Grubb & Ellis to market the property via sealed bid.

Bruce Springer of the Ontario office of Grubb & Ellis has the assignment, which requires that prospective buyers enter a sealed bid by a deadline of 5 p.m. Oct. 21 at the UC Regents’ office in Oakland. The minimum bid is set at $32 million.

In terms of land parcels that are large, on the market and already entitled for development, Springer tells GlobeSt.com, the 685-acre field station site is in a class by itself. The field station is located east of Lasselle Street and south of Alessandro Boulevard. It is abutted on three sites by developed areas, including Riverside county Hospital. The land use plan permits the development of 2,922 housing units of various densities, along with related schools, parks, an 18-hole golf course, commercial uses and infrastructure. The university’s agricultural field station is still operating on the property, but it slated to cease operations on or before escrow closes on the sale of the 685 acres.

Springer says the regents are scheduled to open bids Oct. 22, with the highest bid to be sent to regents Nov. 17 for signature. Escrow can be scheduled to close either Dec. 17 or Jan. 7, at the choice of the winning bidder. Springer explains that the choice of closing dates is designed to accommodate bidders who may have reasons for wanting to close the deal before or after the end of the calendar year. University officials have said that the proceeds of the land sale will be used for construction of new facilities, such as a new genomics institute.

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