Touchstone Communities Acquires 75-Acre former Konyn Dairy Site in North San Diego County for $6 Million
Nov. 30, 2017
Touchstone Communities has acquired 75 acres of former agricultural land in Valley Center (San Diego), California for the development of a brand new mixed-use residential community, known as Park Circle, which will be the heart of the emerging Valley Center village core. Located at the northwest corner of Valley Center Road and Mira de Valle, the North San Diego County property was previously operated as the Konyn Dairy. Touchstone acquired the land from the Konyn Family for $6 million. Terry Jackson, Matt Davis, and Curtis Buono of Cushman & Wakefield’s Land Advisory Group in San Diego successfully represented both parties in the transaction.
Mr. Jackson said, “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.”
He added, “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. In order 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).”
Mr. Davis said, “Our Land Group team in San Diego drew upon our experience and expertise to identify a developer with the ability to achieve approvals and who could work with the Seller over an extended period of time. During the course of escrow we negotiated multiple extensions as well as items related to the existing loan, allowing the owners to maintain farming activities while not interfering with the due diligence of the Buyer. We worked closely with the owners and Buyer to address the unique conditions of the property that were the result of 30+ years of dairy operations and, as is often the case with legacy agricultural properties, addressed title issues. We also worked with the Buyer through all entitlement activities every step of the way. The result was a successful sale that achieved maximum value for the Seller plus the approval of a premier master-planned development.”
He added, “In realizing their dairy operation would not continue, The Konyns hoped that their beloved Valley Center property would be developed and woven into the Valley Center community fabric that they have been so closely aligned with for decades, a shared goal that Touchstone Communities also intends to fulfill.”
Park Circle is a horizontal mixed-use master-planned community in the heart of Valley Center, California. Located in North San Diego County, Valley Center offers residents an escape to clean air, highly rated schools, walking and biking trails, and great weather, all while still being a short commute to employment centers. Park Circle is designed in the classic American Heritage style with a variety of amenities and home types that will accommodate all buyers.
Key amenities of the master-planned community will include a retail town center featuring restaurants, shops, and community space, a large central park with events stage, sports courts, fire pits, and gathering places, a clubhouse and recreation center with pools, fitness room, and event spaces, a community garden, over four miles of trails, and neighborhood parks. For more information about Park Circle, please visit: www.parkcirclelife.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.