Richmond Ranch, a 3,654-acre property near San Jose, California, has been sold to The Conservation Fund (TCF), a nonprofit organization committed to preserving U.S. land and water. Z&L Properties, a China-based investor and developer of residential properties, sold the property for $16 million. Kidder Mathews commercial real estate brokers Scott Vix, David Wientjes, and Skip Whitney represented Z&L Properties.
Richmond Ranch is along Coyote Ridge, home to many endangered species, and has been a conservation priority for nonprofits and government agencies for many years. Z&L Properties sold the land at a discount of the appraisal value of $35 million. Z&L stated they were delighted to work with TCF, place profits as a secondary condition, and help the new owner achieve their conservation goals. The Gordon and Betty Morre Foundation and the Wildlife Conservation Network provided financial support for the purchase.
“Through the structure of the transaction, Z&L Properties has demonstrated their commitment to the conservation of open space and supporting the communities where they build housing,” said Vix.
TCF’s purchase of Richmond Ranch is significant to the wildlife protection and connectivity along the Coyote Ridge corridor, allowing wildlife to migrate between habitats of the Santa Cruz Mountains and the Diablo Range, part of the region’s protected area network.
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