Pac Premier
Giving Guide
You are here:  Home  >  Columns  >  Current Article

Entitlements done, Investec finds $10M exit from Carpinteria property

By   /   Monday, November 8th, 2010  /   Comments Off on Entitlements done, Investec finds $10M exit from Carpinteria property

    Print       Email

The 12-acre residential portion of Carpinteria’s Lagunitas mixed-use project recently sold for $10 million, a move the seller says frees it up to focus on what it does best.

“I am not as enamored with building as I am with entitling and getting things approved,” Ken Slaught, president of Investec Real Estate Companies, told the Business Times. “Actually building is where the risk is. It’s treacherous; you’ve got to go out and get a loan.”

With the residential portion of the fully entitled, 25-acre project now off its hands, Investec will focus on developing the 13-acre commercial site. Lagunitas is a 25-acre mixed-use project on Via Real in Carpinteria, off Lomita Lane near Highway 150. The residential portion is entitled for 73 single-family homes and now belongs to buyer ResCal Lagunitas 73, LLC, which is expected to begin infrastructure construction as early as spring 2011 and actual building next fall.

The full version of this column is only available in the print edition. To view everything the Business Times offers, see this week’s print version or SUBSCRIBE to the print edition for $49.99 today.

    Print       Email

About the author

Managing Editor

Marlize van Romburgh covers banking, finance, agricultural and viticulture. She writes a weekly column on commercial real estate and a monthly column on the restaurant industry. Follow her at @marlizevr