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Michael Persall Of ABP Capital Acquires Office Building From Joel S. Marcus For $64.1M
SOLD
$64,100,000
California
See Similar DealsOffice180,999 SF
Sold 01/23/2026
SOLD
Michael Persall Of ABP Capital Acquires Office Building From Joel S. Marcus For $64.1M
5600 Avenida Encinas
See Similar DealsOffice180,999 SF
Sold 01/23/2026
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$354
Total Square Footage:180,999 SF
Transaction Type:Sale
ABP Capital acquired an office building at 5600 Avenida Encinas in Carlsbad. The asset consists of 180,999 square feet and was sold for $64.1 million, translating to a price per square foot of $354. This transaction is noted as one of San Diego County’s highest office sale prices for Q4 2025, occurring in a market characterized by elevated vacancy rates.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $64,100,000
- Address: 5600 Avenida Encinas
- Market: Carlsbad
- Square Footage: 180,999
- Price Per Square Foot: $354
- Buyer: Michael Persall - ABP Capital
- Seller: Joel S. Marcus - Alexandria Real Estate Equities Inc
Michael Persall represented ABP Capital in this transaction, while Joel S. Marcus was the seller's representative from Alexandria Real Estate Equities Inc. The deal underscores a continued interest from investors in well-located office properties, despite ongoing market challenges in North County and Carlsbad.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,418,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,733.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,866.70
Annual Debt Service$3,646,400.43
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