The developer has paid $7.7 million for the property, which is located on the south side of Oceanside Boulevard, east of College Avenue and west of Peacock Avenue. The proposed project, which will incorporate up to 529,000 sf, will consist of freestanding buildings, multi-tenant space and build-to-suit opportunities. Irvine-based Ware Malcomb is designing it with first phase groundbreaking slated for the fourth quarter of this year. Wells Fargo Bank is the project's lender. The marketing team consists of Jim Spain and Josh McFadyen of Colliers International, along with Joe McDermott of Coldwell Banker Commercial North County Properties.

In the recent sale, Coldwell Banker's McDermott represented bkm Development. Spain and McFadyen of Colliers International acted on behalf of sellers Elliott P. and Basil C. Woolley and Kenneth D. and Gisela M. Smith, Trustees of the Smith Family Trust.

New product spanning all sectors of the commercial real estate market continues to rise in San Diego County, as this region remains a favorite among developers. Its diverse economy, steady job growth and rapidly increasing population have kept investment dollars flowing into the area.