C&W Closes Sale of 75-Acre Former Konyn Dairy Site
- Dec 05, 2017
Touchstone Communities has bought a 75-acre site in San Diego from the Konyn Family for $6 million. The firm plans to develop Park Circle, a horizontal mixed-use, master-planned community. Located in in the heart of the emerging Valley Center at the northwest corner of Valley Center Road and Mira de Valle in San Diego, the land was formerly used by Konyn Dairy for agricultural purposes.
Terry Jackson, Matt Davis and Curtis Buono of Cushman & Wakefield’s Land Advisory Group in San Diego represented both parties in the transaction. During escrow, multiple extensions were negotiated as well as items related to the existing loan, which allowed the owners to maintain farming activities while not interfering with the due diligence of the buyer.
“The property was a long-time family owned asset that was ripe for repositioning since the dairy industry has faced regulatory headwinds in San Diego County for several years. The desirable Valley Center community and local economy has been growing and had a strong need for housing, plus other associated retail, business and public amenities,” said Terry Jackson in prepared remarks.
“A key component of completing this deal was securing waste water treatment capacity to make the development of the property possible. The future land use of the property is governed by a new general plan, which called for significant development at the site. To maximize the value to the client, the property had to be sold with entitlements in place, a process that took several years (and longer than anticipated),” Jackson concluded.
Walking and biking trails surround the property. Highly rated schools and employment centers are also nearby.
Community amenities will include:
- retail town center featuring restaurants, shops and community space
- large central park with events stage, sports courts, fire pits and gathering places
- clubhouse and recreation center with pools, fitness room and event spaces
- community garden
- more than four miles of trails and neighborhood parks.
Earlier this year, Cushman & Wakefield also arranged three retail transactions in Northern California valued at more than $72 million.
Image courtesy of Cushman & Wakefield