Havens: “After years of slow growth, the city is evolving and becoming known as a culturally vibrant and entertaining city along the coast.”

OCEANSIDE, CA—Oceanside's economy is moving upward as businesses and residents are moving into the area, and the trend is expected to continue into as more residential and commercial projects come to market, Lee & Associates broker Blair Havens tells GlobeSt.com. We spoke with Havens exclusively about the Oceanside market, what's driving the market and recent investment and development activity there.

GlobeSt.com: How have investors been viewing Oceanside this year?

Havens: During the first half of 2016, the coastal Oceanside market continued the momentum it gained in 2015. Investors and developers, betting on the evolving Oceanside market, purchased properties at record highs, and long-time property owners readily cashed in on their assets. Several prominent coastal Oceanside properties traded hands, including 1555 South Coast Hwy. and 1702 Mission Ave. The first, 1555 South Coast Hwy., a 2.54-acre former industrial and auto-repair site, traded for $5.8 million ($52 per square foot) in a sale completed by our firm. The newly constructed Starbucks building located at 1702 Mission Ave traded for $2.6 million with a 4% cap rate.