SAN DIEGO-A Carlsbad-based developer has closed escrow on 16 acres at TwinOaks Valley Road and Discover Street in the North County community of San Marcos and plans to build a 117,000-sf shopping center on the site.

Regency Realty Corp. bought the land for $7.8 million from Rancho Coronado University Properties Inc., according to the Carlsbad office of Business Real Estate Brokerage Co., which represented both sides in the transaction.

Regency plans to build a Ralphs supermarket, a drugstore, outdoor food courtand other shops on the land. The development would be near California State University, San Marcos.

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