San Diego-based Commercial Equity Partners has acquired 171 Saxony Road, a 31K SF, multi-tenant office building in Encinitas, for $10.4M. The seller was Birtcher Anderson Realty, which acted as asset manager for 15 tenant-in-common investors. Twenty-five percent of the former ownership group elected to remain invested and joined the newly formed acquisition entity. The building was 95% leased at the time of sale.
CEP is an investment firm that raises debt and equity for private real estate offerings and co-invests with clients, limiting the financial exposure of individual investors.
This steel-frame building, which features an atrium courtyard, has attractive floor plans with an expansive window-line for smaller tenant sizes. It also is adjacent to the Interstate-5 Freeway and Encinitas Boulevard, just minutes from amenity-rich downtown Encinitas, said CEP’s Jeff Johnson, who manages the firm with John Gross.
“This was a complex transaction, and we are grateful for the opportunity to work with Birtcher Anderson,” Gross said.
Cushman and Wakefield’s Brooks Campbell, Peter Curry and Joe Anderson represented both parties.
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