Midtown National Group Acquires Office Building In Solana Beach For $24 Million

The office building at 444 South Cedros Avenue, located in Solana Beach, California, features an area of 43,516 square feet. Midtown National Group acquired this property for a sale price of $24 million, achieving a price per square foot of approximately $552. At the time of closing, the property was 53% leased, indicating a value-add investment opportunity in a constrained coastal market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $24,000,000
• Square Footage: 43,516
• Price Per Square Foot: $552
• Buyer: Midtown National Group
• Location: 444 South Cedros Avenue, Solana Beach, CA
• Leasing Status at Closing: 53% leased
• Note: Highest price per square foot for a major San Diego office sale this year

Representing the buyer, Midtown National Group, was a brokerage firm specializing in commercial real estate transactions, which facilitated the acquisition of this office asset in a competitive market environment.