Lee & Associates Closes $6.85 Million Land Sale

Oct. 6, 2011 - PRLog -- Lee & Associates, one of the largest national commercial real estate brokerage firms, has closed a $6.85 million sale of 1.76 acres of coastal land located at 329 & 343 S. Highway and 101/120 & 128 Dahlia Dr. in Solana Beach, Calif.  

Principals Steve Bruce and Matt Weaver of Lee & Associates represented both the seller, Maganda Corporation, and the buyer, American Assets Trust, in this off-market transaction. Maganda is a privately-held family corporation and American Assets Trust is a full-service real estate investment trust that owns, operates, acquires and develops retail, office and multifamily properties in California, Hawaii and Oregon.

According to lead broker on the deal, Steve Bruce, this deal is one of the largest coastal commercial land transactions to sell in the past five years. American Assets Trust purchased the land with the intention of redeveloping the site for commercial/residential use.

“The site has been in great need of redevelopment. American Assets is an excellent owner who will develop the land to its highest and best use, while also giving the Solana Beach community a much desired mixed-use project,” said Bruce.

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About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 43 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.