SAN DIEGO, Calif., – Cushman & Wakefield announced the firm has brokered the sale of The Plaza at 505, a 22,736-square-foot Class A coastal boutique courtyard office project in Solana Beach (San Diego), California. The two-story, multi-tenant building sold for $18 million.
The buyer was Lansing Companies, which will be occupying approximately 4,200 sf on the second floor. The company is relocating its corporate offices from within San Diego to its new location at 505 Lomas Santa Fe Dr. The seller was Beckman Properties. Bill Beckman of Beckman \ Lomas, LLC purchased the building in 2005 and did a full renovation in 2007.
Joe Anderson, Brooks Campbell represented the seller and Peter Curry with Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer. Cushman & Wakefield also leased the project for Beckman\Lomas, LLC during its ownership.
“This is a sophisticated office asset located along the San Diego coast that the buyer can both utilize, while also maintaining control of this solid income-generating asset as an investor,” said Joe Anderson, Senior Director. “The unique design and quality of The Plaza at 505 offered a rare opportunity to purchase one of North County’s most desirable office buildings.”
The location is quickly accessible to Interstate-5, the Pacific Ocean and a short walk to numerous eateries and amenities. The property features distinctive entries and design elements, upscale executive offices and restrooms, and a lush courtyard and gathering area.
Solana Beach is home to some of San Diego County’s most desirable residential areas as well as offers a variety of robust amenities.
