Los Angeles—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.
Passo Companies CEO and Founder Bill Passo notes that Passco Companies will be actively pursuing land acquisitions in Southern California, targeting available land at purchase prices between $1 and $20 million.
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 Companies Development’s 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.