Cal-Bay International, Inc. announced this week that it is acquiring 50% ownership in a joint venture agreement of land development with First Capital Real Estate Investors. The 200 acre commercial development project in Oroville Industrial Park in Northern California, an approved California "Enterprise Zone,", is expected to be valued in excess of $200 million when fully developed. The two companies will form a Cal-Bay Subsidiary LLC, equally jointly owned by Cal-Bay and First Capital, titled Cal-Bay First Capital LLC.
The current market value of the 200 acre fully entitled land in Oroville, as surveyed by Michael Dequine and Associates, Inc., is appraised at $17.4 million. Plans for the property have not yet been disclosed. Closing of the deal is anticipated to be on or before May 5 according to a Central Valley Business Times article.
For more news and information visit Blumberg Capital Partners.
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