RANCHO SANTA FE — Three undeveloped parcels located in the historic area of Rancho Santa Fe Village have recently been listed for sale. Representing the property is senior vice president of Colliers International’s Urban Property Group and longtime resident of Rancho Santa Fe, Bill Shrader.
According to Shrader, over 70 years ago the property was purchased by Russ Millar, a founding resident of the Ranch. Since that time, the property has been owned by the Millar Family.
Located at the corner of El Tordo and La Granada, the three parcels calculate to 11,644 square feet. The parcels have been home to an array of nurseries, however, for the past five years, the property has remained vacant.
“After 75 years, the family has decided to sell the property,” said Shrader, noting how they are marketing it toward potential investors. “It occupies a great corner and gives the potential owner the opportunity to create a new retail or office space in one of the most affluent communities on the West Coast.”
Within the short time the listed unpriced property has been on the market, Shrader has received substantial feedback.
“There’s a lot of preliminary interest in the site. We are going to be running a ‘call for offers’ with offers due Dec. 11,” he said. “People are looking at it right now and see the value in this asset with the ability to create a legacy asset.”
Shrader went on to say that the property offers flexibility for potential development as it is zoned for commercial and residential use, which is always the key and maximizes the value.
While the Millar Family has owned the property for more than 75 years, Shrader said he is confident that the new buyer will own it for a long time, as well.