Land Advisors Organization – California Division is pleased to announce the closing of “Lerno Verhagen,” a ±516-acre planned community within the City of El Centro, County of Imperial. The property was sold in its current condition as active farmland, with an approved specific plan for ±1,700 dwelling units.
Land Advisors’ Coachella/Imperial Team, which is based out of the firm’s Palm Desert office, represented the buyer (private investor) and the seller (lender) in the transaction.
With several other sizable Imperial Valley transactions already under its belt, the Coachella/Imperial Team was able to drive value for the seller by leveraging its knowledge of the submarket and access its extensive yet focused network of key industry relationships.
“Given the prime location of this asset, this transaction was a tremendous ‘win/win’ for both buyer and seller,” stated Land Advisors Marketing Consultant, Stone James. “Imperial County is a terrific submarket for farmers and long-term land developers.” He explained how the region is home to significant farming operations as well as several critical governmental organizations such as U.S. Border Patrol, U.S. Immigration and Customs Enforcement (I.C.E.), and the California Department of Corrections.