Oceanside, Calif., (November 22, 2024) – Brandon Keith, Senior Vice President and partner, of Voit Real Estate Services’ San Diego office and Jason DiRocco, Senior Vice President and partner, of Voit Real Estate Services’ Anaheim office successfully directed the $5,200,000 sale of a 2.71-acre land parcel in Oceanside. The Voit team represented the seller, a group of private investors.
The undeveloped property was on the market for a period of two years with several long-term escrows that were terminated by the potential buyers. One of which had a $150,000 earnest money deposit forfeited and released to the sellers when they cancelled the transaction after the San Diego County Board of Supervisors passed new regulations which made developing the land more tenuous for the buyer’s specific use.
Two additional offers to purchase were received in early November, both with long escrow timeframes. DiRocco and Keith skillfully countered both offers to a higher price and a shorter escrow. The buyer, North County Transit District (NCTD), a San Diego public transportation provider, was selected after offering to close the deal within one-week. Final negotiations began, documents were signed by the buyer’s board of directors and the four individual owners, escrow opened within one week and then closed the same day.
“An eight-hour escrow to sell vacant land to a public agency must be a world record,” stated Keith.
The buyer, North County Transit District (NCTD), a San Diego public transportation provider, will be developing the land as a vehicle storage site for their operations servicing San Diego residents.
The property is located at the northwest corner of Jones Road and Benet Road in Oceanside.
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker-owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its more than 50-year history, the firm has completed in excess of $62.3 billion in brokerage transactions encompassing more than 56,500 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enables the firm to provide clients with forward-looking strategies that create value for a wide range of assets and portfolios.