7600 Fay Ave. in La Jolla (photo courtesy of CoStar Group)

7600 Fay Ave. in La Jolla (photo courtesy of CoStar Group)

The La Jolla Music Society bought a retail property for about $9.8 million as part of the organization’s recently announced plans to build a $40 million performing arts center.

The property with a 15,388-square-foot strip retail building, at 7600 Fay Ave. in La Jolla, was sold by the Louis A. Crescenzo Trust of San Diego, according to CoStar Group and public data. The property was built on 0.72 acres in 1977 and was fully leased at the time of sale.

The music organization, which presents performances by local and visiting classical musicians and orchestras, will eventually have the building demolished to clear the way for its project.

Group officials have said plans include a two-level, 500-seat concert hall, along with administrative and ticket offices, educational and rehearsal facilities, reception and public spaces, and a restaurant. Completion is projected for 2017, following a planned fundraising drive.

The music society will be moving from its current main performance venue on Prospect Street in La Jolla, in a facility operated by the Museum of Contemporary Art San Diego. Its current administrative and ticket offices are on Ivanhoe Avenue in La Jolla.