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1/28/20
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An 8.1k sf, freestanding retail building in La Jolla Village sold for $15.3 mil, or $1,889/sf. The multi-tenant property sits on 0.34 acres at 1133-1147 Prospect St, within a prominent core area of La Jolla.
Located at the corner of Prospect and Ivanhoe Ave, the property provides sweeping ocean views and is just steps from the La Valencia Hotel, Georges at the Cove, The Colonial Hotel, La Jolla Cove and many other world-class shopping and dining destinations. The property includes 29 on-site surface parking spaces immediately adjacent to the building.
The buyer was Girard Avenue LP. Mike Slattery, Jason Kimmel, Tim Winslow, and Kevin Nolen with Cushman & Wakefield in San Diego represented the seller, a private family trust.
“This was a tremendous opportunity, as generation properties such as these rarely come to the market. Strong demand for the distinct real estate offered in La Jolla Village attracts specialty and upscale tenants and subsequently commands some of the highest rent in San Diego,” noted Slattery. “It is believed to be one of the highest price per square foot ever paid for a retail property in San Diego County.”
Kimmel, added, “La Jolla Village is a premier location that continually attracts a broad array of tenants including restaurants and outdoor cafes, upscale boutiques, jewelers, art galleries, fitness studios, financial services, brokerage houses, day spas and salons, and a wide variety of upscale specialty retailers and services. Demand for core high street retail space in the Village has remained strong.”
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