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Locally based investors buy 69% leased Encinitas office for $13.5 million

The two-story office at 169 Saxony Rd. was built in 2001 and totals 40,270 rentable square feet, with Cushman & Wakefield appointed as leasing agent after the sale.

Reported · Written up by our desk · Industry

Cushman & Wakefield announced the acquisition of a multi-tenant office property at 169 Saxony Rd. in Encinitas by locally based investors DMJ Capital Partners, LLC and StoneSteps Real Estate, LLC. The deal price was $13.5 million, according to ConnectCRE.

The property was previously held in a family trust and owned and operated by the seller and her late father for more than 24 years, ConnectCRE said. Cushman & Wakefield represented the seller, while DMJ Capital Partners and StoneSteps Real Estate represented themselves.

Built in 2001, the two-story office asset encompasses 40,270 rentable square feet and was 69% leased at the time of sale. ConnectCRE reported that Cushman & Wakefield has been appointed as the leasing agent for the property.

A Cushman & Wakefield representative said the transaction reflected strong investor demand for well-located office properties in San Diego, with multiple offers received from active investors, ConnectCRE added.

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