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3/06/17
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La Jolla Fay LLC has acquired La Jolla Galleria, a 54k sf, Class A office building in historic downtown La Jolla. The buyer was a long-term tenant and exercised its right to purchase the building just 18 months after signing a long-term lease.
The sale price was not disclosed. The seller, J.N. Daniel LLC, acquired the asset in 2006 for around $24.5 mil.
Located at 7777 Fay Ave, at the corner of Silverado St in the renowned La Jolla Village neighborhood, La Jolla Galleria is a four-story, Class A building composed of three office floors above ground floor retail.
The building was 100% leased at the time of sale to 12 tenants, including Charles Schwab, MadCap Software and other professional services firms. The buyer occupies approximately 10k sf in the building—the residual square footage will serve as an investment for the buyer.
La Jolla Galleria is situated within a few blocks of La Jolla’s renowned retail district and provides easy access to I-5. The property features an open-air atrium, four levels of subterranean parking and its four sides of glass and balconies offer nice views of La Jolla Village and the Pacific Ocean. The building was originally constructed in the early 1980s but was entirely renovated in 2004.
The seller was represented by Pascal Aubry-Dumand, CCIM of Cushman & Wakefield. Aubry-Dumand has also handled leasing for the property for the past 15 years. The buyer was represented by Bill Shrader with Colliers International.
“The Village in La Jolla is an extremely tight market with Class A direct vacancy in the mid 3 percent range. Further, there is a mere 11k sf of vacant Class A space in the Village’s five total Class A buildings serving this desirable, affluent and very popular beachside community,” noted Aubry-Dumand. “This was a great purchase opportunity, especially given the difficult barriers to entry in this market.”
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