Cushman & Wakefield’s Private Capital specialists recently 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. William Shafer of Properties in Paradise represented the buyer while Peter Curry and Brooks Campbell from Cushman & Wakefield represented the seller, Devonshire Medical Building.
The property’s proximity to a hospital campus combined with limited medical office inventory in North County made it an attractive asset for buyers looking within owner user segments despite slowed demand across most markets due to COVID19 restrictions. At time of sale 89% occupancy had been achieved with seven tenants occupying space; however part of this will be utilized by private medical practice owned by buyer LLC going forward .
