Cushman & Wakefield, along with locally based buyers DMJ Capital Partners, LLC and StoneSteps Real Estate, LLC, announced the acquisition of a multi-tenant office property, located at 169 Saxony Rd. in Encinitas, for $13.5 million. The property was previously held in a family trust, having been owned and operated by the seller and her late father for more than 24 years.
The seller was represented by Brooks Campbell, Louay Alsadek, Peter Curry, and Maddie Mawby with Cushman & Wakefield. DMJ Capital Partners and StoneSteps Real Estate represented themselves.
“As a sign of the strong investor demand for well-located office properties in San Diego, we received multiple offers from active investors,” said Campbell.
Built in 2001, the two-story coastal office asset encompasses 40,270 rentable square feet and was 69% leased at the time of sale. Cushman & Wakefield has been appointed as leasing agent for the property.
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