Locally based investment groups DMJ Capital Partners, LLC and StoneSteps Real Estate, LLC have acquired a multi-tenant office property in Encinitas for $13.5 million. The buyers purchased the building at 169 Saxony Rd. from a family trust that had owned and operated the asset for more than 24 years. The sale marks the transition of a long-held coastal office property to a new ownership group with local ties.
Cushman & Wakefield announced the transaction and reported that the seller had jointly managed the property with her late father over more than two decades. The asset has functioned as a multi-tenant office building during that period, and the sale concludes a lengthy hold for the family trust. DMJ Capital Partners and StoneSteps Real Estate represented themselves in the transaction, underscoring the buyers’ direct involvement in the deal.
The seller was represented by a Cushman & Wakefield capital markets team comprising Brooks Campbell, Louay Alsadek, Peter Curry, and Maddie Mawby. Their assignment included marketing the property and guiding the family trust through the disposition process. Following the sale, Cushman & Wakefield has also been retained as the leasing agent for the property, extending the firm’s role with the asset beyond the transaction itself.
Built in 2001, the two-story coastal office building totals 40,270 rentable square feet. At the time of sale, the property was 69% leased, leaving a meaningful portion of space available for new tenants under the incoming ownership and leasing team. The combination of existing tenancy and remaining vacancy positions the asset with both in-place income and lease-up potential.
Commenting on market conditions, Campbell noted that the offering attracted multiple bids from active investors, which he described as a sign of strong investor demand for well-located office properties in San Diego. That level of interest highlights ongoing capital attention to coastal office assets in the area, even as the broader office market continues to evolve. With Cushman & Wakefield now handling leasing, the new owners will look to capitalize on that demand to backfill space and stabilize the property over time.
