Torrance, CA – January 26, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $2.3 million sale on a fully entitled, 1.08-acre parcel of land on N. Vulcan Ave., in Encinitas, Calif.
Matt Weaver, Patrick Miller and Trevor Jensen of Lee’s San Diego-North office represented both the seller, Vulcan Townhomes, LLC., and the buyer, private homebuilder Shea Homes.
“This sale is emblematic of an improving land market,” said Weaver, a San Diego-North principal. “Buyers believe that land values can no longer decrease so we are seeing a flurry of transactions completed by builders, developers and investors.”
Lee & Associates closed the sale in 45 days. Shea Homes plans to construct 20 flats of multifamily housing on the entitled property.
About Lee & Associates
Celebrating 31 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.