SAN DIEGO (October 26, 2010) – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that Bank of America has sold three parcels of industrial land for a total of $3.37 million in Carlsbad.
Located off of Palomar Airport Road between El Fuerte and Gateway Road, lots 10, 11 and 12 were purchased by The Roncelli Family Trust and The Weeks Group. The Roncelli Family Trust purchased lot 10 and The Weeks Group purchased lots 11 and 12. The lots total 8.15 acres. Both buyers plan to hold the land for future development.
“Despite the lack of market fundamentals to support development today, our marketing efforts uncovered several qualified “all cash” investors attracted to the opportunistic land value and the highly desirable Bressi Ranch location. The resulting land sale represents the only speculative industrial land purchase in Carlsbad since June of 2009,” said Dennis Visser of Cassidy Turley BRE Commercial, who represented Bank of America in the transaction along with his colleague Aric Starck.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded over $800 million in transactions in 2009. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.