FOUNTAIN VALLEY — A Wall Street private investment fund said Tuesday that it has formed a company to clean up contaminated properties and develop housing on them.
Warburg, Pincus Ventures LP said its new GreenPark Group LLC has purchased ESE Land Corp., which has five such environmental projects underway in California and Nevada. GreenPark will be based in the Fountain Valley offices of ESE Land.
The company is managing cleanup and development of a 40-acre former oil site in Huntington Beach for Signal Mortgage Co. Its wholly owned properties include a planned 40-acre housing project in Wilmington and a 600-acre planned community under development near Santa Maria. Joint ventures include a 530-acre golf community in Henderson, Nev., and an 85-acre residential community--North Shore at Mandalay Bay--in Oxnard.
Warburg, Pincus said GreenPark will expand aggressively in the West and Southwest. Its president is Larry B. Faigin, a real estate and corporate finance executive who had worked for HomeFed Bank in San Diego.
Warburg, Pincus didn't disclose what it paid for ESE, and Faigin wasn't available for comment. ESE Land's former owner, the Peoria, Ill.-based utility holding company Cilcorp Inc., said its after-tax gain on the sale of ESE Land was $2.7 million.