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Shidler Group Turns Tidy Profit on La Jolla Galleria

LA JOLLA, CA-Less than two years after acquiring the 54,291-sf office and retail building with partner Angelo, Gordon & Co. for $10.5 million, the Shidler Group sells the La Jolla asset to Marie Prescott Properties for $19.8 million.

By Erin Cassin | Updated on June 29, 2004

LA JOLLA, CA-The Shidler Group’s bet on the La Jolla Galleria less than two years ago has paid off handsomely, as an entity of the real estate firm has recently sold the office and retail asset for nearly double what it purchased the property for in October 2002. Buyer Marie Prescott Properties has shelled out $19.8 million for the facility, which the Shidler Group and partner Angelo, Gordon & Co. had acquired for $10.5 million.At the time of the Shidler Group’s purchase of La Jolla Galleria, the firm’s partner Matt Root said the asset had been purchased at an opportunistic price with correspondingly high potential returns. Under the ownership of the Shidler Group and Angelo, Gordon & Co., the property underwent a major renovation that resulted in improvements to both the exterior and interior of the building. In addition, the owners signed on some new tenants, including Affordable Laser Clinics in November 2002 for 2,430 sf; the law practices of Ferguson, Newburn & Weston Inc. and Nugent & Newnham APC in February 2003 for 4,005 sf combined; and Smith Barney in October 2003 for the facility’s entire 17,500-sf third floor. TD Waterhouse Investor Services Inc. also renewed its contract here in November 2002 for 3,021 sf. Constructed in 1983, the four-story La Jolla Galleria is located at 7777 Fay Ave. in the heart of the city’s Downtown. Encompassing 54,291 sf, it features subterranean parking and a landscaped courtyard. In the recent transaction, Marie Prescott Properties was represented by Robert Jones of RMJ Investments. Matt Root acted on behalf of the selling entity, which was comprised of AG La Jolla Galleria LLC and RRI LA Jolla Galleria LLC.

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