LSREF4 Dual LLC has sold two office and retail properties at 6902 and 6980 La Jolla Blvd. in La Jolla for $9.15M. Buyer Hillcrest Veritas plans to turn the office component of one of the buildings into apartments.
The two adjacent properties total approximately 25K SF. The four-story building at 6902 La Jolla Blvd. is 18,330 SF and was constructed in 1964; 6980 La Jolla Blvd. is a two-story, 6,758 SF property built in 1970.
Cushman & Wakefield Mananging Director Derek Hulse and Colliers International Senior Vice President Victor Krebs represented the seller.
“This offering presented two value-add buildings in La Jolla just a block from the beach and within a coastal market with some of the best demographics in the country," Hulse said in a statement. "Further, the existing zoning provides an opportunity to reposition the buildings and quickly deliver them to the market.”
Krebs said the new ownership plans to extensively renovate both properties.
"The top three floors of office space at 6902 La Jolla Blvd. will be converted into 15 upscale apartments with ocean views," he said in a statement. "The ground floor will be updated with new retail and restaurant uses.”
