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Fully leased Solana Beach office building sold

The 14,141-square-foot office building, at 265 Santa Helena in Solana Beach, has been sold for $4.3 million.

The buyer was Fair Oaks Valley LLC, a California limited liability company, P.O. Box 230638, Encinitas 92632. Charles G. DuVivier is the manager of Fair Oaks. The acquisition was financed with a loan of $2 million from California Bank & Trust.

The seller was Propco L.P., a California limited partnership. The Lomas Santa Fe Group, with Theodore E. Gildred as the authorized signatory, is the general partner of Propco.

CBRE's (NYSE: CBG) Paul Lafrenz and Melissa Foster represented the seller, which acquired the property as part of a 1031 exchange. Jim Ashcraft and Bill Harp, of Ashcraft Investments, represented the buyer.

The two-story, multi-tenant office building was constructed in 1981 on a 0.84 acre lot. The building was 100-percent leased at the time of sale.

The building features an atrium design with a water feature, courtyard and landscaping.

One of the tenants is Aesthetic Brand Marketing Inc., which leased 1,034 square feet in late summer 2011 in The Financial Building, 265 Santa Helena, for three years at $72,000 for general office use.

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