Westcore Properties Sells Coastal Office Property In Encinitas For $8.5 Million To SR Commercial

WESTCORE PROPERTIES SELLS COASTAL OFFICE PROPERTY IN ENCINITAS FOR $8.5 MILLION TO SR COMMERCIAL

ENCINITAS, Calif. – May 20, 2015 – As coastal office properties in San Diego County continue to be in demand and short in supply, Westcore Properties takes advantage of the opportunity to sell its Encinitas property to SR Commercial for $8.5 million.Built in 1980, the 37,398-square-foot property includes two buildings, located at 679 and 681 Encinitas Blvd. Each building has onsite parking, convenient freeway access and is less than three miles to local beaches. Westcore Properties acquired the buildings in 2012 and the property is currently at 82 percent leased. Tenants include Scripps Health, Pacific View Eyecare Center and Pacific Academy.SR Commercial is a privately held, full-service commercial real estate investment company. It is headquartered in San Diego, with close ties to Orange County and Los Angeles.

“Coastal properties are always highly desirable in the Southern California market, but not always readily available,” said Don Ankeny, president and CEO of Westcore Properties. “To support our strategic outlook on commercial real estate options, we acted quickly in this disposition not only to secure a strong sale for our company, but also to ensure our previous tenants would have an easy transition with the new management team.”

Rick Reeder, Joe Anderson, Peter Curry and Brooks Campbell with DTZ San Diego represented both Westcore and SR Commercial in the transaction.

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