In Inland Empire : Rancon Partnerships Carving Out Success
The name RANCON on a new four-story office building in the heart of Rancho California’s business district, communicates in a simple, direct way its conglomerate of affiliates--Rancon Financial Corp., Rancon Securities Corp. and Rancon Real Estate Corp.--all engaged in a broad spectrum of real estate-related activities.
Over a span of 15 years, Rancon has emerged as a substantial and diversified development entity in southwestern Riverside County and as a major player in such projects within the Inland Empire as the $180-million Tri City Corporate Centre.
Rancon’s role as the largest private developer in the Rancho California area reflects an active career for Daniel L. Stephenson, its 42-year-old chairman and chief executive officer.
Stephenson came to Rancho California as a licensed broker in 1971 and, with a three-member staff housed in a trailer, convinced Kaiser Aetna to give his organization the exclusive right to sell residential acreage in the Rancho California area.
Planted Avocado Groves
Based on the financial strength of its limited partnership format, Stephenson’s firm planted 6,000 acres into avocado groves in the hills of Rancho’s west side. Soon after, the firm acquired the La Cresta properties above Bear Creek Golf Course and provided roads and utilities to the 5- and 20-acre home sites.
Since 1974, Rancon and its affiliates have served as general partners for 52 partnerships, mostly concentrated in the Rancho California/Inland Empire area. The cornerstone of these partnerships has been to invest in the purchase and development of commercial, industrial and residential properties.
A prime example of the firm’s philosophy and self-assurance is the funding of Tri City Corporate Centre as an all-cash development under the auspices of Rancon’s two newest funds, Rancon Realty Funds IV and V.
Rancon’s limited partnerships currently represent 30,000 investors in 15 states--all of whom are invited each year to Southern California for a full day of entertainment and a chance to be briefed on their investments.
Fund to Launch Center
The firm’s network of brokers evidenced a strong cooperative effort when it recently sold an initial $40 million of Rancon Realty Fund IV’s $80 million offering in a six-month period to help launch Tri City Corporate Centre.
Rancon also has staked out a major position in Inland Empire West, in joint venture with Barton Development Co., on a 77-acre industrial/commercial parcel in Rancho Cucamonga Business Park.
Another facet of its expansion is Rancon’s master plan for the 650-acre, multi-use residential community of Alta Murietta, started three years ago in Murietta Hot Springs, which is now open for development, with a projected 2,130 residential units.