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The Real Deal 2014: top land sale

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GDCI Proctor Valley LP
1,100 acres in Otay Ranch Village 14 near Jamul
Total consideration: $37.12 million

About the property:
The 1,100 acres on and around Proctor Valley Road in Otay Ranch will be developed into a master-planned community of 800 to 1,200 homes.


Closing the deal:
The buyer was GDCI Proctor Valley LP, a unit of Carmel Valley-based GDC Communities, which is an affiliate of Genstar Development Co.

The seller was a series of partnerships controlled by RMJB Inc., headed by Ronald Therrien, of Tustin.

GDC is teamed with Bonita-based Jackson Pendo Partners, which will actually develop the homes.

“We are excited to bring to life the Proctor Valley Village, which is part of the greater Otay Ranch Master Plan. Located in the county of San Diego immediately east of Chula Vista, this new community will offer a diverse mix of homes nestled among scenic rolling hills and feature a central community heart comprised of recreational trails, parks and an elementary school,” said Liz Jackson, president of Jackson Pendo Development Co. “As a longtime Bonita resident and having successfully developed the award-winning Rolling Hills Ranch community, I am inspired to work with our talented team, including our solid financial partners at GDC Communities, to bring another vibrant community to South County.”

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