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Building on Fay Ave. in La Jolla Sold

The approximately 7,000-square-foot commercial building at 7720-7728 Fay Ave., La Jolla 92037, has been sold for $3.2 million.

The buyer was La Jolla Cosmetic LLC, a California limited liability company, 2621 Calle del Oro, La Jolla 92037. The managers of the buyer are Nasrin Mani and Darush Muhyi.

The acquisition was financed with loans of $2 million and $1.6 million from JPMorgan Chase Bank (NYSE: JPM).

The sellers of the property (350-321-31) are John A. Belanich and Faraela P. Belanich, as trustees of the Belanich-2 Charitable Remainder UniTrust, and as trustees of the Belanich-4 Charitable Remainder UniTrust.

Todd Law and Greg Wagner, of Capital Growth Properties Inc., represented the buyer. The sellers represented themselves.

The five-unit commercial building occupies a 13,991-square-foot lot. In August 2011, the property was sold for $2,833,000.

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