The bankruptcy sale of LandSource's assets in California's Inland Empire has closed.
Lamar 2000 Holding Corp., a subsidiary of Dallas-based Clearview Investments, bought more than 500 lots and parcels in Riverside County, Calif., for $8.8 million. Clearview is a private real estate and investment firm.
Already, Clearview is working out deals to resell the lots, said Clearview spokesman Craig Martin.
"We have had quite a bit of interest and activity, and we will sell those on rolling takedown schedules," he said. The terms will be soft and tailored to what distressed builders are looking for now, he added.
He said he hopes to work through the land assets, which are predominantly finished lots, quickly, despite the fact that the Inland Empire has been hit hard by the housing recession.
Most of the lots are in Temecula. Included is land in Harveston 1 and 2 in Temecula; McSweeney in Hemet; Indian Palms and The Bridges at Jefferson in Indio; Vista Escondita in Coachella; and Palm Springs Classic in Palm Springs.
Lamar 2000 was the stalking horse bidder on the land and encountered little competition.
LandSource, a giant California developer, has been working to sell off its non-core assets to generate cash through the bankruptcy process. Its prized asset is Newhall Land and Farming in the Santa Clarita Valley 30 miles north of Los Angeles.