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Investors buy 69% leased Encinitas office for $13.5 million
The 40,270 rentable-square-foot property at 169 Saxony Rd. was built in 2001 and changes hands after being held in a family trust for more than 24 years.
ConnectCRE reports that Cushman & Wakefield, along with locally based buyers DMJ Capital Partners, LLC and StoneSteps Real Estate, LLC, acquired a multi-tenant office property in Encinitas at 169 Saxony Rd.
The deal price was $13.5 million, according to the announcement. The seller previously held the asset in a family trust, owning and operating it, alongside her late father, for more than 24 years.
The two-story office building was built in 2001 and includes 40,270 rentable square feet. At the time of sale, it was 69% leased.
Cushman & Wakefield said it received multiple offers from active investors for the location. The firm has also been appointed as the leasing agent for the property, while Cushman & Wakefield represented the seller and the buyers represented themselves.