Case Studies

Old Drive-In Theatre

OCEANSIDE - 90 Acres

The property was on the market for many years through various entities and brokers. The site was the former home of the infamous Oceanside Drive-In movie theaters for decades. In addition, the property is in a flood plain and requires approximately 1,000,000 yards of dirt import.  A private family owned the underlying real estate.  A developer out of Georgia held a long-term ground lease for the property and processed entitlements for a major shopping center. The ground lessee had a sublease with a tenant. In addition, there was a bank loan in default secured by a ground lease. Finally, all of the parties involved were involved in lawsuits or litigation with each other.

Our team was asked by an interested buyer to try and unwind all of the contentiousness and to put together a successful transaction whereby they could buy the property.  Our team was able to get all parties including the seller, the ground lessor, the lender and the subtenant to agree to a transaction with releases from each other. The escrow was 1 day and closed for $51,000,000, all cash. The buyer is processing entitlements for a major mixed-use project and have begun import.


temecula - 1,750 Lots

The subject property was owned and marketed by John Firestone, along time Temecula developer. The property was in escrow at one time in the early 2000’s with an east coast developer, however that transaction failed and the property ended up in litigation for several years. The Seller was generally very patient and not negotiable. Many parties were interested and we procured offers from several large masterplan developers including Newland Communities and Suncal but no deal was consummated.

Finally, the Seller approached us about listing the southern end of the property, which consisted of 200 gross acres, 77 net. The Seller was referred to the Lee Land Team based on our closed transactions in Temecula, Murrieta and the Inland Empire. We were able to show Mr. Firestone that the best way to sell the property was to list it, put together a detailed marketing package and mass market the property to our database of over 4,000 builders, developers and investors as well as several thousand brokers.

We marketed the property, unpriced, with an offer due date.  We collected approx. 15 offers fromdevelopers, both public and private. These offers ranged from $3,000,000 -$23,000,000 with various terms, most contingent on entitlements.  After advising the offerors that the Sellerwanted to sell the property in 60-120 days, 9 buyers resubmitted their offerswith quick closes. 7 of these offers were above $12,000,000 and the propertyclosed escrow in 60 days at $13,200,000 with hard money released in 2 weeks. Wealso sold 77 acres adjacent to the property for $12,000,000 at a later date.  The property is approved for 1,750residential units on the entire site and is known as Altair.

3111 Manchester Ave

Cardiff - 17.5 Acres

The subject property is located on Manchester Ave. and the 5 FWY in the coastal community of Cardiff in the City of Encinitas. The site is unentitled, zoned for assisted living or 30-35 half acre residential lots and consists of approximately 17.5 acres.  The site has been farmed for decades with flowers and strawberries.  We were referred to the owners and asked to submit a marketing proposal and opinion of value in early 2016.  After several interviews and submitting the proposal, the Lee Land Team was selected to market and sell the property.  In the spring of 2016, our team received 13+offers on the property.  After reviewing all offers, we requested best and final offers from the top 5 offerors.  We are now in escrow for over $18,500,000 on the subject property with a large developer who has released quarterly deposits.

5980 Eagle Dr

carlsbad - industrial land

In 2019 the Lee Land Team was engaged to help sell a 6 acre industrial parcel that was marketed, unsold, for many years.  Ownership was not willing to provide any buyer an entitlement timeline and set the expectation that a 90 day close was the only acceptable outcome for any potential suitor.  Several potential Buyers surfaced, but all required time for a Conditional Use Permit to close an escrow.  After several failed attempts by buyers to negotiate additional time with the Seller, our team found a tenant and a buyer who could perform on the Seller’s timing expectations with a quality tenant in tow.  Following a quick negotiation of a purchase and sale agreement, the Buyer expeditiously performed their due diligence and waived contingencies within a 60 day timeframe, then executed a lease agreement with the Tenant and closed the purchase within a total of 90days per the Seller’s initial requirement.  All parties were ecstatic a the conclusion of another successful transaction.

Family Trust Portfolio Exchange

san diego

A San Diego family Trust with four aging local properties hired our team to analyze and value their portfolio.  We then created a strategy to improve the portfolio by marketing each property individually, but timing the sales in pairs to allow for more financial flexibility through multiple IRS 1031 tax deferred exchanges over the course of several years.  Through our 1031 acquisition platform we were able to exchange the tired portfolio into five triple net single tenant credit investments nationally.  The final result of the exchange was are refreshed portfolio, with annual income of twice the original portfolio, renewed depreciation across all assets, long term leases providing additional revenue and value growth over time, elimination of nearly all property management responsibilities, all while deferring any capital gains taxes far into the future.