CBRE Arranges 12.7 Acre Land Sale in Daly City, CA

Lennar Homes to Build 80 Single-Family, Detached Homes on Former Elementary School Site

FOSTER CITY, Calif. — June 10,2014 – CBRE announced that it has arranged the disposition of 12.7 acres of land in Daly City, Calif. on behalf of the Jefferson School District. The site, which is located at 60 Christopher Court in Daly City, Calif. and is the former home of Jefferson Christopher Columbus Elementary School, was purchased by Lennar Homes for the development of 80 single family, detached homes which includes a 2.5 acre community
park.

CBRE’s Bruce Paris a CBRE National Land Services expert based on districts, cities, and other government entities, arranged the sale on behalf of the Jefferson Elementary School  District working in conjunction with CBRE’s Consulting Services Group.

“There have been a number of former school sites in the area that have sold in recent years, but this was a unique transaction, particularly because of the buyer profile and the future plans for the property,” said Paris. “We had seven qualified offers for this land site, so it was a very competitive opportunity, but ultimately, Lennar’s offer, track record and plan to develop 80  single-family, detached homes on the site was seen as the most advantageous for both the community and the School District.  With the majority of residential land on the Peninsula being developed as high-density housing in recent years, it’s very unique to have a new development of singelle-family, detached homes in the 2,200 to 2,500 square foot range. This will fill a significant void in the new home marketplace.”

At the time of sale, the property consisted of four obsolete classroom buildings, and one commissary building all of which will be demolished to make room for the residential development, to include a view oriented 2.5 acre community park along the sites perimeter.

“Sizeable land sites on the Peninsula are in short supply, and the majority of sites that have been or will be available in the future are either former school sites or excess government land,” said Paris. “As a result, there is pent-up demand from developers both nationally and internationally for these opportunities, especially in a market like the San Francisco Peninsula.”

About CBRE Group,Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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