CBRE Facilitates Sale of 68 Acres of Coastal Land in Oceanside, California

CBRE negotiated the $18 million sale of 68.3 acres at 3231 Oceanside Blvd., in Oceanside, Calif. CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Will Pike, Barbara Perrier, Mike Longo and Joe Cesta represented the seller in the transaction. Lehi Property Development LLC purchased the property.

The site has operated as a nursery for over two decades. Although the site is an active nursery, it is currently zoned for industrial use and could accommodate various industrial developments.

The City of Oceanside has recently focused on developing the Smart and Sustainable Corridors Specific Plan (SSCP). The SSCP is a document that outlines strategies, standards, and processes meant to foster the revitalization of several areas in North County, including Oceanside Boulevard.

"The buyer intends to transform this rare 68-acre coastal site into a vibrant mixed-use community that exemplifies the power of visionary development," said Carlson, executive vice president at CBRE. "By navigating the complexities of rezoning and leveraging the unique topography, the buyer's plan to build additional housing will not only maximize the land's potential but also contribute to the region's growth and sustainability."

The State of California and San Diego County are significantly undersupplied with housing. Furthermore, the need to supply additional housing has gained greater consideration, and various commercially zoned sites are being evaluated for rezoning to better serve local communities.

"Despite having multiple offers from a wide range of industrial developers, our team is pleased with the vision set forth by the buyer and supporting a higher and better use for such a larger land site in San Diego County," said Rowe, a CBRE First Vice President.