A Santa Monica-based private investor paid $1.42 mil for a 2.6k sf ($546/sf), multi-tenant property in La Jolla. It was sold by another private investor, out of San Diego.
Built in 1955 and renovated in 2011, the property is located at 7520 to 7524 La Jolla Blvd, near Pearl St. The asset is 33 percent occupied by one tenant: Twin Dragons karate studio.
Tom Chichester with Faris Lee Investments represented the buyer. Clark Realty Advisors repped the seller in the deal.
According to Chichester, the buyer liked this asset because of its irreplaceable coastal location in La Jolla just one block from the ocean. He plans on making cosmetic enhancements to the property, giving it more of a modern coastal look, and then filling the vacancy with tenants that will be a good fit with the surrounding community.