Grubb & Ellis/BRE Commercial on Thursday announced that each suite in the approximately 39,000-square-foot office condo building known as Park Place North has been sold in San Marcos, Calif.
The total value of the transactions was $9.7 million.
Park Place North is located at 950 Boardwalk St. in the business district of San Marcos. It is a three-story building that has 18 office suites ranging in size from 1,300 to 3,000 square feet. The building offers a parking ratio of 4/1,000 and amenities that include elevator service, a towering cupola overlooking Old Town San Marcos and lush landscaping.
Park Place North LLC was the seller.
Jeffery McCormack, president of North Point Ventures, which developed Park Place North, said among the owner-users purchasing suites are finance companies, residential brokerage firms, accounting and legal practices, computer technology and repair companies, personnel and staffing companies, and to some extent, private investors who are active in 1031 exchanges.
San Diego, Calif.-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.