San Diego Retail Property Trades for $15M

A private family trust purchased the roughly 8,000-square-foot building in La Jolla Village.
1133-1147 Prospect St. and surroundings. Images courtesy of Cushman & Wakefield

Girard Avenue LP has acquired 1133-1147 Prospect St, an 8,116-square-foot freestanding retail building in La Jolla Village, Calif., for $15.3 million. Cushman & Wakefield represented the seller, a private family trust.

Located at the corner of Prospect Street and Ivanhoe Avenue on 0.3 acres, the multi-tenant property provides ocean views and is surrounded by several hotels and dining options such as La Valencia Hotel, George’s at the Cove and The Colonial Hotel. The retail center includes 29 on-site surface parking spaces adjacent to the building.

Cushman & Wakefield’s Mike Slattery, one of the brokers involved in the deal, noted in a prepared statement that 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.

Besides from Slattery, Cushman & Wakefield’s team included Jason Kimmel, Tim Winslow and Kevin Nolen. Recently, another team from the same brokerage company facilitated the sale of a portfolio of 23 triple-net leased supermarkets for $150 million.