Constructed in 1983, the four-story office and retail facility stands at 7777 Fay Ave. Encompassing 54,291 sf, it is occupied by tenants including Charles Schwab, T.D. Waterhouse, Carlisle Enterprises, Coast Mortgage and Ferguson, Newborn & Weston.
The acquiring entity is comprised of AG La Jolla Galleria LLC and RRI La Jolla Galleria LLC. It has purchased the property from Nomo La Jolla Galleria LP, an offshore German-based investor. The buyer was represented in-house, while the seller was represented by John Casey and Lynn LaChapelle of Burnham Real Estate Services.
Matt Root, a partner of The Shidler Group says the recently acquired asset offered the company a "rare opportunity to acquire a trophy investment in a signature location," adding that it has been purchased "at an opportunistic price with correspondingly high potential returns."
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