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MOB Adjacent to Scripps Encinitas Sells to LLC
Cushman & Wakefield arranged the sale of a two-story, multi-tenant medical office building in Encinitas, adjacent to the recently remodeled Scripps Encinitas Hospital campus. Located at 1011 Devonshire Dr., the 10,007-square-foot building was acquired by 1011 Devonshire LLC for $6.735 million.
Cushman & Wakefield’s Private Capital specialists Peter Curry and Brooks Campbell represented the seller, Devonshire Medical Building. William Shafer of Properties in Paradise represented the buyer.
In addition to the property’s proximity to a 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.”
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.
- ◦Sale/Acquisition
