Villa Norte, a 19,702-square-foot, mixed-use property consisting of separate two-story buildings -- with ground-floor retail and second-story office space at 3211-3251 Holiday Court, La Jolla 92037 -- has been sold for $7.56 million, cash. The buyer was Bartell Hotels Management Company, a California property management firm, 4875 N. Harbor Drive, San Diego 92106.
The seller of the property (assessor's parcel 344-240-03) was CMLT 2008-LS1 Holiday Complex Limited Partnership. The property went through a trustee's sale in May 2011. Ben Tashakorian and Matt LoPiccolo, investment specialists in Marcus & Millichap's San Diego office, had the exclusive listing to market the property on behalf of the seller and also represented the buyer.
The property was constructed in 1977 on a 1.5-acre parcel and has parking for 70 vehicles. Villa Norte was approximately 67 percent occupied at the time of sale.