A two-story, multi-tenant medical office building in Encinitas has been sold for $6.735 million, a brokerage announced.
The 10,007-square-foot building, approximately 89% leased to seven tenants, was acquired by 1011 Devonshire LLC for $6.735 million.
The buyer will utilize a portion of the building for a private medical practice.
Cushman & Wakefield’s Private Capital specialists Peter Curry and Brooks Campbell represented the seller, Devonshire Medical Building. William Shafer of Properties in Paradise represented the buyer.
Campbell called the property a “very attractive acquisition opportunity” that is well maintained and adjacent to the recently remodeled Scripps Memorial Hospital campus.
“There is extremely limited medical office inventory in North County, adding to the appeal of owning this asset,” Campbell said. “Although office demand has slowed in most markets, North County coastal submarkets are still seeing buyer demand especially within the owner-user segment.”
Originally constructed in the early 1980s, the building, at the junction of Santa Fe Drive, includes 33 parking spaces and is located in a walkable area that is within minutes of downtown Encinitas and the beach.
