Newport Beach real estate investor and developer Irvine Co. is looking to sell a 16-acre site in San Diego where a housing project had been planned, according to the San Diego Business Journal.
A price for the land, the site of a stalled condo and apartment project near the University of San Diego, was not disclosed, according to the report.
Irvine Co. paid about $50 million for the land in 2008, according to records. It was previously the site of a local high school, which was demolished last year.
It’s the only San Diego property the company has up for sale, according to Irvine Co. officials.
The decision to put the property on the market was a reflection of the current construction and housing demand climate, officials told the San Diego Business Journal.
The property was placed on the market in June. Formal offers are expected to come in later this month.
The proposed San Diego sale comes a few weeks after news broke that the Irvine Co. sold a trio of office buildings in San Jose for $18.5 million.
The deals are unique for Irvine Co., which rarely sells buildings. The company often sells land to developers, but only after it has planned uses and gained government approvals.
Unlike other real estate owners, the company isn’t believed to have shed any other properties during the real estate downturn.
Irvine Co., Orange County’s dominant landlord, also counts a large portfolio in Los Angeles, San Diego and Silicon Valley.
For more on this story, see the July 12 edition of the San Diego Business Journal.