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MDC Announces Sale of Boutique Office Building in Del Mar, CA
MDC is proud to announce the successful disposition of 1234 Camino Del Mar, a trophy office property with ocean views located in the heart of Del Mar, California. The property was sold to a local investor who intends to utilize the building upon the expiry of the existing tenant lease.
Originally acquired in 2018 on behalf of private clients, 1234 Camino Del Mar was purchased alongside a neighboring property that were tied together through a 99-year parking lease. Through our active management approach, MDC added value by:
- Successfully renegotiating the 99-year parking lease to clearly separate the two properties; this allowed the ownership group to retain one asset while unlocking additional value by selling the other.
- Delivering stable and secure returns to our private clients with quarterly distributions which exceeded their minimum return expectations.
This transaction marks another milestone in our commitment to delivering exceptional outcomes for our client. The successful completion of this sale will allow MDC to re-deploy capital into our targeted, high-growth markets, ensuring we continue to deliver strong, forward-looking investment opportunities for our clients.
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