Monrovia Nursery Sells Azula Facility

October 8, 2004 - 11:56

Monrovia Nursery Company has completed the sale of the 500-acre Monrovia Nursery in
Azusa, Calif., to Azusa Land Partners LLC of Newport Beach. The nursery property has been approved for the development of 1,250 new homes, 50,000 sq.ft. of retail space, an elementary school and numerous public parks. A community recreation center and a transit station along the future Foothill Extension of the Metro Gold Line are also planned, according to Monrovia.

Once the site of the Azusa Foothill Ranch, an important regional producer of oranges,
Monrovia Nursery Company has operated a wholesale nursery on the property since
1954. Azusa Land Partners LLC is a joint venture of PLC Land Company, Fieldstone
Communities, Inc., both based in Newport Beach, Calif., Rockpoint Group LLC, and
Starwood Capital Group Global, LLC. Both PLC and Fieldstone have extensive experience in developing master-planned residential communities in the Southern California region, according to Monrovia.

“It is rare to find a property of this size and quality in such an outstanding location,” said
Christopher Gibbs, president of PLC Land Company. “We are extremely excited about having the opportunity to work with Monrovia Nursery and the city of Azusa in realizing their vision for this community.”

Nursery owner Miles Rosedale added, “I have been impressed by the PLC team’s ability to execute complex developments and their proven commitment to build high-quality homes and neighborhoods. We look forward with great anticipation to the completion of this new community.” The developer expects to begin construction in early 2005, with first new home deliveries planned for late 2006.

Earlier this year, the Azula facility was the center of the recent Sudden Oak Death (SOD) crisis after thousands of camellias were found to have the disease. Plants were shipped all over the country from Azula before the facility tested positive for the disease. With the quick response time from Monrovia as well as the willingness to work with APHIS, the devastation was a lot less prevalent in the country than it could have been.

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