increased value which has resulted such developments are undertaken either continu ously to completion or in planned stages de pending upon anticipated current demand and construction economy these activities continue to be concen trated in california and the major projects under current development are moraga in the moraga valley near oakland the company continues its gradual development of over 5000 acres for residential develop ment with 4165 acres remaining to be sold at year end the residential expansion of san francisco's east bay and its proximity to major freeway developments to the region's major cities should provide a continuing im petus for this development vandenberg vandenberg village with 1235 acres for sale at year end is adjacent to one of the country's major missile test centers vandenberg air force base developed as an integrated resi dential community complete with schools shopping center motel and a golf course its continued progress is related to the activity at this important expanding space and defense alameda created by dredging from san francisco bay this east bay residential and commercial community of 278 acres continues to be de veloped with additional improvements as demand requires at year end 146 acres re main to be sold increased interest and con struction activity in terms of multiple family units has resulted in our application for re zoning areas for this type of development south san francisco the major work in this three-section indus trial development has been completed lo cated in the heart of the expanding industrial and commercial growth on san francisco's peninsula this project had 115 acres of de veloped land for sale at year end el segundo a new acquisition during the year was the el segundo industrial property located near the los angeles international airport and in the midst of this area's growing electronics aircraft missile and space industries the project contains a total of 196 acres of which