Commercial developer Caruso Affiliated has signed an agreement with San Diego Gas & Electric Co. to purchase a 48-acre Carlsbad parcel currently owned by the utility firm for a future development.

Financial terms were not disclosed. A statement from Los Angeles-based Caruso Affiliated said the firm will work with SDG&E “to explore various project options,” and with Carlsbad Strawberry Co. Inc., which currently farms a portion of the Cannon Road property, to preserve agricultural uses as part of any plan.

The property is at the northeast corner of Interstate 5 and Cannon Road, and is designated in the city’s general plan for tourist and recreational commercial uses, with a portion still in use as strawberry fields.

Caruso Affiliated owns several Southern California retail, residential and mixed-use properties, including The Grove in Los Angeles, The Americana at Brand in Glendale, and the Waterside development in Marina del Rey. The Carlsbad venture is its first in San Diego County.

The statement said Caruso Affiliated will develop a timeline for the project in coordination with the city of Carlsbad and local residents. The developer said it will work to ensure that a neighboring parcel will remain as protected open space.

“This land is a rare space with overwhelming potential, and we will work to ensure our plans reflect the community’s desires as we create a welcoming gathering place for all of Carlsbad,” said President and CEO Rick Caruso.

Sale of the land by SDG&E is subject to regulatory approval. Pam Fair, vice president of environmental and operations support for SDG&E, said the utility firm will participate in the public review process as the site plan and permit applications are developed.