By Meghan Hall
Irvine, Calif.-based developer SunCal has made a quick buck, selling 45 acres of Livermore despite recently acquiring the property just weeks before. According to a report by the San Francisco Business Times, SunCal and business partner MSD Capital sold the land to Harridge Development Group for $74 million. SunCal and MSD had just purchased the land at the beginning of March.
The acreage sits at the intersection of Portola Ave. and Isabel Ave. When SunCal and MSD acquired the property, the joint venture paid $45.25 million. The pair of firms had acquired the asset Sutter Health, who had owned it since 2008.
The acreage is located within Livermore’s Isabel Neighborhood Specific Plan. Finalized and passed in 2020, the plan would allow for the development of about 4,095 new multifamily housing units, 2.1 million square feet of new office, business park and commercial development, three new parks, and infrastructure improvements. The property sold by SunCal and MSD sat at the center of the plan, which makes up more than six percent of the City of Livermore.
The property’s new owner, Harridge Development Group, targets both residential and commercial projects within urban districts. Historically, the firm’s portfolio has centered around Southern California in neighborhoods such as Hollywood, Culver City, the Pacific Palisades and others. Its past projects include the Metropolitan, the McCadden Apartments, Tramonto and Melrose–all located in Southern California.
It is unclear why SunCal pulled the plug on its plans for Livermore, and what Harridge Development Group will plan for the site. On its website, SunCal claims to be one of the largest real estate development companies in the United States. Similar to Harridge, the firm specializes in mixed-use, master-planned communities.