San Clemente-based Rincon Homes has purchased a medical office property in Carlsbad for $3.4 million, with plans to redevelop the site into a retail and residential mixed-use community, according to brokerage firm Colliers International Group Inc.
The seller of the 14,211-square-foot property, at 725 Grand Ave. in the Carlsbad Village neighborhood, was Patrick Smith LLC of Carlsbad.
The buyer and seller were represented by Colliers’ Amy McNamara. Colliers’ Vic Gausepohl and Kirk Allison will be handling leasing for the retail component of the new development.
“This property has been used for medical offices since the 1960s and is fully entitled for mixed-use development,” said McNamara, a vice president in Colliers’ San Diego office, in a statement. She said the project will add needed housing to the Carlsbad Village area.
Construction timetables and other details on the development were not announced. According to its website, Rincon Homes’ other current and upcoming urban-infill residential projects include two single-family developments near the beach in Carlsbad, and another two in Encinitas’ Leucadia neighborhood.