Located at 712 Pearl St., the property is comprised of 21 luxury apartment homes and 9,811 sf of ground-level retail space. Onsite shops, services and restaurants include Sammy's California Woodfired Restaurant, a dentist's office, a bookstore and a shoe retailer. Built in 1988, the Mediterranean-style complex features ocean views, 63 parking spaces, secured entry and a courtyard with fountains.

John Gross of CB Richard Ellis' San Diego Central office acted on behalf of Starward Ventures Inc. Mercer was represented by Eric Tompkins, Dick Schneider, Kevin Mulhern and Jon Bilger, also with CB Richard Ellis' San Diego Central office.

"A focused marketing program for the mixed-use La Jolla Villa project produced multiple offers at the full asking price of $7.5 million or higher," says Tompkins, adding that the marketing team consisted of an apartment specialist, retail leasing broker and retail investment specialist.