Lennar Homes Acquires Approved 9.8-Acre Housing Development In Fullerton For $48.75M

Shopoff Realty Investments has sold its approved 9.8-acre housing development, The Pines at Fullerton, to Lennar Homes for around $48.75 million. Located at 3340 Topaz Lane in Fullerton, the development site is a valuable asset that includes 113 homes and 23,000 square feet of neighborhood retail. This project has received unanimous approval from the City of Fullerton, addressing the need for housing in the well-established community.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $48,750,000
• Address: 3340 Topaz Lane
• Market: Fullerton
• Buyer: Lennar Homes - Stuart Miller
• Seller: Shopoff Realty Investments - William Shopoff

The sale of The Pines at Fullerton was facilitated by William Shopoff from Shopoff Realty Investments and Stuart Miller from Lennar Homes. This transaction is a significant step for both companies, as it allows Lennar Homes to expand its portfolio in the Fullerton market while providing Shopoff Realty Investments with a successful sale.