Millrose Pays $50 Million for Office Campus in Bishop Ranch

Millrose Properties has bought a three-building office campus in San Ramon’s Bishop Ranch for $50 million, with plans by Trumark Homes to redevelop it into nearly 200 homes.

An affiliate of the Miami-based land banking firm purchased the 11-acre site known as Bishop Ranch 11 at 2301 Camino Ramon, the San Jose Mercury News reported.

The seller was locally based Sunset Development, principal owner and developer of Bishop Ranch.

The deal works out to $4.55 million an acre. The size of the three two-story offices, which include a medical center, was undisclosed.

Millrose has partnered with locally based Trumark, which filed plans last summer to build 61 narrow single-family homes and 138 townhomes across from City Village, a 404-unit project now being built by SummerHill Homes, a local unit of Calabasas-based Marcus & Millichap.

The property is bounded by Camino Ramon, Norris Canyon Road and the Iron Horse Trail.

The developer has since revised its plans to 195 homes, including 67 single-family homes and 128 attached townhomes, according to the city. Parking will serve 442 cars.

The white and beige project, designed by SDG Architects, has numerous gables atop rows of three-story homes, with garages tucked along back alleys, according to SFYimby.

Sunset, owned by the Mehran family, wants to redevelop the 585-acre office campus at Bishop Ranch into a retail village with up to 10,000 homes.

The developer’s CityWalk Master Plan, approved in 2020, would redevelop 135 acres with thousands of homes, a hotel, shops and restaurants in three distinct neighborhoods.

The master developer, led by Alex Mehran, also plans to build another 2,600 homes at the former Chevron headquarters at 6001 Bollinger Canyon Road, along with 125,000 square feet of open-air shops and restaurants and a 2.5-acre park. Sunset, which sold Chevron the land for its headquarters in 1981, bought it back in 2022 for $174.5 million.

Last month, Los Angeles-based KB Home paid $57.8 million for a three-story, 276,000-square-foot office building it wants to replace with 190 homes at 2527-2545 Camino Ramon.

KB Home wants to develop Bartlett, a walkable neighborhood on the north side of Bishop Ranch. The project would include 72 single-family homes and 118 townhomes.

Millrose Properties, a publicly owned firm founded in February, spun off from Miami-based Lennar. The company focuses on land purchases, horizontal development and homesite option purchase agreements for Lennar and other developers.

Trumark Homes, founded in San Ramon in 1988 by Michael Maples and Gregg Nelson, has built an unspecified number of homes in California and in Colorado, according to its website. In 2020, it merged with Daiwa House Industry, based in Japan, and is now a unit of Daiwa House Group, headquartered in Texas.

— Dana Bartholomew