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8/12/14
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A 12.9k sf, freestanding office building in Cardiff-by-the-Sea sold for $8 mil ($620/sf). The building is situated on just over half an acre at 131 Aberdeen Dr, just a few blocks in from the ocean, at the edge of Encinitas.
The single tenant, two-story building is 100% occupied by GoPro, an innovative digital imaging company, which has occupied the building since 2011. The company recently executed a new five-year, NNN lease.
The property was purchased by a private investor. CBRE’s Paul Lafrenz, Melissa Foster and Chris Pascale represented the seller in the deal.
The building is situated one block from San Elijo beach and within walking distance to Cardiff Reef, Cardiff Town Center and the area’s famous local eateries. The building’s parking ratio of 3.2 per 1k sf, containing approximately 41 spaces, is one of the highest in the north beach cities area.
Foster noted, “the approximate price per square foot commanded by this property reflects the strong investor demand for coastal product. This particular asset generated a lot of demand because GoPro is seen as a unique and quality tenant.”
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