IRVINE, CA – A renewed focus on land development has been announced by Passco Companies, LLC., a privately held Calif.-based commercial real estate company. The company has hired real estate industry veteran Scott Allen as its new President of Passco Companies Development, LLC.
“The opportunity to create value by acquiring raw land and pursuing entitlements has returned,” says Bill Passo, CEO and Founder of Passco Companies. “We expect land development to be an extremely active sector of the real estate market for the next three to five years.”
Passo notes that Passco Companies will be actively pursuing land acquisitions in Southern, targeting available land at purchase prices between $1 and $20 million.
“We recognize that the market is shifting once again,” explains Passo. “By renewing our focus on land development now, we will be at the forefront of the next market cycle, allowing us to create substantial value for our investors.”
According to Passo, Scott Allen will spearhead land acquisition efforts for Passco Companies Development and drive new land projects forward. Allen will also oversee all of Passco Development Companies’ current land holdings, and will manage future land sales.
Allen joins Passco from Tava Development Company, where he served as President. In this role, Allen oversaw all business operations for the company, which developed land for the homebuilding industry and invested in residential and industrial real estate. Prior to his tenure with Tava Development Company, Allen served as Division President of the Southern California Division of Meritage Homes, formerly Citation Homes.
Allen earned his Bachelor of Science degree in Real Estate Finance from the University of Southern California, and holds a Light Construction and Development Management (L.C.D.M.) certificate from the University of California, Irvine.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S.
For more than 15 years, Passco has delivered sound investment strategies to clients, partners and investors, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and, as well as property development, construction, and management services.
Headquartered in Irvine, California, Passco holds a diverse cross section of prime retail, multi-family, office and industrial properties nationwide, and has acquired, managed, and/or developed over $3 billion in property since its inception. The company is currently involved with 67 properties in 20 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation.