UP sells land slated for transit-oriented development

Union Pacific Corp. announced last week it sold 111 acres in Fremont, Calif., to Lennar Homes of California Inc., which plans to develop the parcel as a transit-oriented development.

The railroad will recognize a pre-tax gain of $110 million in second-quarter 2015 as a result of the sale, UP officials said in a press release.

Lennar's development plans for the land include a mix of residential, office, retail, industrial, research and development, school and park uses.

The parcel is the latest property in Fremont's new Warm Springs "innovation district" and is next to the Bay Area Rapid Transit's new passenger station, which is slated to open in fall.