The Cedros Executive Plaza in Solana Beach sold for $10.9 million to an investment company embarking on its second project in the community.
The property, according to Cushman & Wakefield, the broker, consists of an approximately 25,000-square-foot multi-tenant office and retail building on 1.14 acres. It’s located at 308-312 S Cedros Ave. in the heart of the Cedros Design District, a mixed-use corridor.
Fenway Capital Advisors, locally owned and operated, acquired the site from Hensarlanjud, LLC. This will be Fenway’s second project in Solana Beach.
Peter Curry, Brooks Campbell and Kevin Cuff with Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer. Carl Turnbull of The Turnbull Company represented the seller.
“The off-market purchase of Cedros Executive Plaza is a great example of private capital seeking out value-add opportunities in the North San Diego County coastal markets,” said Campbell, a senior director.
He said the proximity to housing, access to amenities and “a coastal beach living experience” drive demand for office space in the beach cities.
Cushman & Wakefield (NYSE: CWK), global real estate services firm, Cushman & Wakefield employs approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion from core services – property, facilities and project management, leasing, capital markets, valuation and more.