Long Term Tenant Buys 54,000 SF Class A Building in Renowned La Jolla Village
La Jolla CA— Cushman & Wakefield recently announced that La Jolla Fay, LLC has acquired La Jolla Galleria, a 54,000 square foot Class A office building in historic downtown La Jolla (San Diego) California. The buyer was a long-term tenant and exercised its right to purchase the building just 18 months after signing a long-term lease. The seller was J.N. Daniel, LLC, which was represented by Pascal Aubry-Dumand, CCIM of Cushman & Wakefield’s San Diego office. Mr. Aubry-Dumand has also handled leasing for the property for the past 15 years. The buyer was represented by Bill Shrader with Colliers International.
Located, 7777 Fay Avenue at the corner of Silverado Street in the renowned La Jolla Village neighborhood, La Jolla Galleria is a four-story Class A building composed of three office floors above ground floor retail. The building was 100 percent leased at the time of sale to 12 tenants, including Charles Schwab, MadCap Software and other professional services firms. The buyer, La Jolla Fay, LLC occupies approximately 10,000 square feet in the building—the residual square footage will serve as an investment for the buyer.
Mr. Aubry-Dumand, a Director with Cushman & Wakefield whose specialization includes the La Jolla market, said, “The Village in La Jolla is an extremely tight market with Class A direct vacancy in the mid 3 percent range. Further, there is a mere 11,000 square feet of vacant Class A space in the Village’s five total Class A buildings serving this desirable, affluent and very popular beachside community. This was a great purchase opportunity, especially given the difficult barriers to entry in this market.”
La Jolla Galleria is well located within just a few blocks of La Jolla’s renowned retail district and provides easy access to Interstate 5. The property features an open-air atrium, four levels of subterranean parking and its four sides of glass and balconies offer nice views of La Jolla Village and the Pacific Ocean. The building was originally constructed in the early 1980s but was entirely renovated in 2004.