Market
Florida, North Carolina
Price of Transaction
$114 million
Appx. # of Lots Exchanged
3,000

Standard Pacific Homes bought control of about 3,000 lots in 30 current and future communities in Florida and North Carolina from Centerline Homes.

The purchase, closed June 13, represents nearly all the assets of Centerline, the 20-year-old Coral Springs, Fla.-based builder, said Jeff McCall, Standard Pacific’s executive vice president and chief financial officer. The selling price was not disclosed.

"This exciting acquisition bolsters our growth strategy by increasing our land supply, community count, and our target move-up position in a number of important markets, including South and Central Florida and Charlotte, N.C.,” Standard Pacific CEO Scott Stowell said in a news release. “Centerline Homes has clearly earned its reputation as a high-quality, move-up-focused homebuilder with an emphasis on strong product execution and customer service, which complements our existing operations while providing us with a number of communities in sought-after locations."

McCall said he thinks Standard Pacific approached Centerline with the deal, which has been in the works for about four months. “We are always looking [for land] and this was the best one we found. We wanted to get this one over the finish line.”

Standard Pacific will use both names for awhile, but will rebrand the Centerline land to Standard Pacific over time.

Five of the new communities are actively selling and have 119 homes under contract. There are three active in Eagle Creek in Orlando, one in Red Tail in Lake County, Fla., just outside of Orlando, and one in River Walk in South Florida’s Broward County.

Craig Perry, CEO of Centerline, could not be reached for comment.

Teresa Burney is a senior editor for BUILDER.