The Newhall Land and Farming Company, a subsidiary of Five Point Holdings, announced the planned sale of a 34.4-acre west-side property known as The Bluffs, through its marketing agent for the sale, CBRE.
Craig Peters, vice chair of CBRE, confirmed the listing via a phone interview with The Signal on Tuesday.
“We’re working on a 34-acre sale of a mixed-use property in FivePoint Valencia,” Peters said Tuesday. There was no price listed in the announcement.
The community is just south of Highway 126 and west of Interstate 5, the release notes, which is zoned for up to 650,000 square feet of new building and for various uses, including studio, light industrial or office and retail, in addition to 75 dwelling units.
It’s part of the master-planned FivePoint Valencia, which was previously referred to as Newhall Ranch.
“We are excited to introduce a prime and substantial piece of commercial land for sale within FivePoint Valencia that will bring additional jobs to the region,” said Eric Morgan, vice president of community affairs for Five Point Holdings.
One of the selling points in The Bluffs at Valencia, according to a release from CBRE, is its desirable location in the TMZ, or the 30-Mile Zone.
The 30-Mile Zone is “a geographic area within a 30-mile radius of the intersection of Beverly and La Cienega Boulevards,” which is used by the entertainment industry to determine work and per diem rates, driving distances and various rules for crew members, according to the California Film Commission website.
“This is a one-of-a-kind opportunity to create an exclusive and secure campus environment in one of the strongest entertainment and industrial markets in the country,” Peters said in a statement shared via a news release. “It is flexibly zoned for many options, allowing the new buyer to bring their vision to life in a highly sought-after market.”
There’s also nearby activity expected next month, with a number of homes expected to be made available in a grand opening scheduled on May 13 for the Vantage Park neighborhood, which is also part of FivePoint Valencia. FivePoint Valencia, when built out, is expected to include about 21,500 homes and 11.5 million feet of commercial space.
The Vantage Park neighborhood is described as to the south of Magic Mountain Parkway and somewhat tucked away in the hills to the west of Interstate 5. Price listings were not yet available online but expected to be listed at Valencia.com as the opening date approaches, according to a FivePoint official reached by phone Tuesday.
Five Point Holdings, which owns and develops large mixed-use planned communities throughout California, also reported its first-quarter 2023 results Friday, which indicated more homes are expected to hit the market throughout the year. The quarterly earnings release from FivePoint noted Valencia builders reported sales of 75 homes during the first quarter of 2023 compared to 49 in the fourth quarter of 2022.
“During the first quarter, we saw the housing market begin to stabilize, consistent with our expectations as we started the year,” said FivePoint CEO Dan Hedigan. “The combination of a moderation in mortgage rates from their peaks in the fourth quarter of 2022, along with home buyers adjusting to the new mortgage interest rate environment and the limited inventory in the existing home markets, is beginning to drive increased buyer activity in new home offerings at our master-planned communities.”
The statement also expressed optimism in the company’s outlook with an uptick in home sales beginning to pique more interest in the developer’s land, with more sales planned for 2023.