Developer Integral Communities of Newport Beach has purchased a 10.46-acre land parcel in Carlsbad for $4.15 million, with plans for a 200-unit multi-family residential project, according to brokerage company Lee & Associates, which represented the buyer.
The seller of the property, near the intersection of Palomar Airport Road and Palomar Oaks Way, was Hamann Co., represented by Rob Gunness of CBRE Group Inc. The buyer was represented by Lee & Associates’ Matt Weaver, Al Apuzzo and Patrick Miller.
Brokers said approximately 5 acres of the property have been graded in the past, and the property is currently zoned for office or industrial uses. The buyer is pursuing entitlements that would allow for a residential development.