San Diego Business Journal

Two La Jolla Buildings Part of $86.6 Million Portfolio Deal

By Lou Hirsh Sunday, February 7, 2016
   

Two La Jolla properties are among 13 retail and office buildings acquired in a multistate, $86.6 million portfolio deal by an affiliate of New York- based Lone Star Americas Acquisitions LLC, according to CoStar Group and public data.

The transaction included a 17,842-square-foot office building at 6902-6924 La Jolla Blvd. at Nautilus Street, known as the Nautilus Professional Building and acquired for $6.45 million; and a 6,757-square-foot retail and office building at 6980-6990 La Jolla Blvd., purchased for an allocated price of approximately $953,000.

CW Capital of Bethesda, Md., was the seller of the properties, located in California, Colorado, Georgia and Virginia. The seller was represented by Patrick Arangio, Jack Howard and Reg Kobzi of brokerage company CBRE Group Inc.

CoStar reported that the Nautilus building in La Jolla was originally built in 1964 and was about 76 percent occupied at the time of sale. The other La Jolla property was built in 1970 and was approximately 58 percent leased.