La Jolla CA— CBRE Group, Inc. announced the sale of La Jolla & Nautilus, two retail and office properties, totaling 24,454 square feet located in the sub-market of La Jolla. The buyer was Lone Star Funds. Patrick Arangio and Jack Howard with CBRE’s National Loan & Portfolio Sales team along with Reg Kobzi CBRE’s senior vice president of the San Diego region represented the seller.
The property located, 6986 La Jolla Boulevard, consists of a two-story, multi-tenant building that totals 11,383 square feet. The ground floor is retail space and the second floor is for office-use. The interior and exterior of the property was recently refurbished.
The property located, 470 Nautilus Street, is a four-story, multi-tenant building that totals 13,071 square feet. The ground floor is retail space and the second and third floors consist of office space with views of the Pacific Ocean.
“The property was sold as part of a national portfolio on behalf of a special servicer and received strong interest from both local and national investors due to its prominent location in one of the most recognized addresses in Southern California”, said Mr. Kobzi.