Moss Landing Commercial Park goes on sale, to the tune of $45 million.

The Moss Landing Commercial Park, a 200-acre site that houses cannabis operations and a hydrogen production plant, is on the market for $45 million.

The listing for the property at the corner of Highway 1 and Dolan Road in Moss Landing went live in February by Tim Allen Properties and CBRE.

Owner Nader Agha purchased the property in 2003 for $7.2 million, according to county assessor records. Agha says he has “reached a stage at my age where I have to work on things for the family estate,” leading him to list it.

The County of Monterey assessed the property at $17.3 million, but Agha says the $45 million asking price is “very, very low.”

“It was appraised two or three years ago for $250 million, but who’s going to buy it?” he says. “You go with reality, you don’t go with imagination.”

A majority of the 34 buildings on site are dedicated to cannabis cultivation and manufacturing, while the rest are various research and development labs and storage space. In total, the property has nearly 300,000 square feet of building space.

Verdagy has operated a hydrogen plant at the Moss Landing Commercial Park since 2021. In its first four years, the company estimates it produced more than 200 tons of hydrogen.

The property was used by Kaiser Aluminum Refractories and later the National Refractories and Minerals Corporation, from the mid-1900s until 2002, producing magnesium oxide for products such as refractory brick. During World War II, it produced magnesium metal for war efforts. Calera Corporation operated for a number of years until 2015, researching and producing “green” cement.

In a 2009 flyer promoting the commercial park, Agha is quoted as saying the property is an “unbelievable opportunity.”

“I want to make Moss Landing Commercial Park into something that everyone will benefit from, something wonderful for the community and the county,” the quote reads.

It’s been a rocky road since then. In 2014, Agha prevailed in court in a foreclosure battle.

Cannabis operators began setting up shop in 2015. That included Grupo Flor, which leased multiple buildings onsite. But things later soured, with both sides suing the other over rent disputes.

In 2019, after a three-week jury trial, a Monterey County Superior Court judge ruled that neither side would receive money. Both parties appealed, and in 2024, the Sixth District California Court of Appeal upheld the decision.

Since the cannabis facilities went live in 2015, they had been operating without a coastal development permit. The Monterey County Planning Commission agreed in 2023 to grant an “after-the-fact” permit.

The listing for the property states that the current ownership is working with the Moss Landing Harbor District for the use of two pipelines that bring seawater into the property. The district’s board has been holding closed-session meetings on an easement agreement with the Moss Landing Commercial Park, most recently on June 24.

Agha has long envisioned a desalination plant on the property.

Sara Rubin contributed to this story.