Local doctor acquires property located adjacent to Scripps Encinitas Hospital campus
SAN DIEGO, Calif. – July 10, 2023 – Cushman & Wakefield announced the firm has arranged the sale of a two-story, multi-tenant medical office building in Encinitas (San Diego), California. Located at 1011 Devonshire Dr, the 10,007-square-foot building was acquired by 1011 Devonshire LLC for $6.735 million.
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.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 represented 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 Brooks Campbell. “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 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.
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.
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