Torrance, CA – January 26, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has negotiated the sale and acquisition of a 13,452 square-foot lot for $3.4 million. Situated along the California coastline at 1620 Torrey Pines Road in La Jolla, Calif., the REO lot is zoned for residential use and affords ocean views of the La Jolla cove.
Patrick Miller, Matt Weaver and Trevor Jensen of Lee’s San Diego-North office represented the seller, Fullerton Community Bank. Lee & Associates organized an auction for this oceanfront lot, working in conjunction with real estate auction specialist Steve Uhlir of Sure Real Estate. However, an undisclosed, private buyer purchased the property shortly before the auction began.
“The auction actually generated a lot of interest for this property,” explained Miller, the office’s founding principal. “Most of the permitting process had already taken place, which also facilitated the sale of the lot.”
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.