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Deal of the Week - Sale

LJ office conversion

The Deal of the Week was the sale of Prospect Center, the four-story, 44,744-square-foot office building at 1210 Prospect St., La Jolla 92037, for $27.9 million.

The building will be converted to a luxury 16-unit condominium.

The buyer was RREF-HV Prospect Property Owner LLC, of San Diego. Jon Hammer is the authorized signer for the buyer. JPMorgan Strategic Income Opportunities Fund provided a construction loan of $35 million.

The seller was an entity of NSD Ventures LLC. Henry A. Gotthelf is the manager of NSD Ventures.

The four-story building will be converted to 16 residential units and one commercial unit.

The residential units range from one-bedroom/1.5 bath floor plans of 1,155 square feet, to three-bedroom plus den/three-bath floor plans up to 3,060 square feet. Minimum release prices range from $1.04 million to $3.98 million.

The 16 units total 36,636 square feet and a total minimum release price of $46.2 million.

The building was constructed in 1967 on a 23,522-square-foot lot. The property was sold in July 2001 for $13,652,000 in June 2000 for $11,652,000 and renovated in 2002.

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