The new owner plans to continue for all tenants to stay in the location. The property was sold by Girard Avenue Investments LLC, and was bought by Broadway & 9th LP, a local buyer planning to upgrade and improve the property, which features 100 feet of retail frontage along La Jolla's Girard Avenue in what has become known as a local mini-interior design district.
The property, in the heart of the La Jolla Village, is walking distance from La Jolla's attractions, boutiques, restaurants and hotels and includes 11 rear-located parking spaces.
Thanks to larger floor plates and comparatively lower prices psf, the area has attracted several design and upscale furniture stores, says Mike Slattery, the Grubb & Ellis broker representing the seller along with Trenton Bonner of Trenton Bonner Coastal Real Estate. The buyer represented itself in the transaction.
Designers/furniture sellers who've set up shop in the area include Waterworks, Roche Boboif, Ligne Roset, Everet Stunz, and Kreiss Collections, Slattery says, adding, "there's quite a few."The locations is also across the street from the area's two major grocery markets, with plentiful parking, and an average price psf ranging from $3.50 to $3.75 NNN monthly. "It's one of the lower rent blocks in the Gerard Avenue area," Slattery says, adding that a few blocks north, storefronts rent in the $6.50 monthly psf range, he says.
Prices are high and deals are rare in the market because it's so tight and many of the properties in the Gerard area are family owned, Slattery says. "There's just not a lot of space available," he says, adding, "Right now, I think there's zero vacancy."In La Jolla Village, ground-floor prime retail space is historically under than 1% vacancy."Sales are rare here because properties are usually held by families, and this one I think has been in the family 50 years," he says.
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