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7/13/23
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A two-story, 10k sf multi-tenant medical office building in Encinitas sold for $6.735 mil ($673/sf). The property, located at 1011 Devonshire Dr, was acquired by 1011 Devonshire LLC.
The property was approximately 89% leased at the time of sale to seven tenants. The buyer will utilize a portion of the building for a private medical practice.
Originally constructed in the early 1980s, the building also provides convenience access from Interstate 5, at the junction of Santa Fe Dr. The property also contains 33 parking spaces and is located near many walkable retail, shopping and restaurant amenities, and is within minutes of downtown Encinitas and the beach.
Cushman & Wakefield’s Private Capital specialists Peter Curry and Brooks Campbell represented the seller, Devonshire Medical Building, in the transaction. William Shafer of Properties in Paradise repped the buyer.
“This was a very attractive acquisition opportunity for a well maintained and very well located coastal medical office property located adjacent to recently remodeled Scripps Encinitas Hospital campus. There is extremely limited medical office inventory in North County, adding to the appeal of owning this asset,” said Campbell. “Although office demand has slowed in most markets, North County coastal submarkets are still seeing buyer demand especially within the owner-user segment.”
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