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Retail center in La Jolla on Girard sold

The approximately 33,400-square-foot retail center at 7438-7466 Girard Ave. in La Jolla 92037, has been sold for $8.5 million.

The transaction also included a 7,000-square-foot parking lot at 7435 Fay Ave.

The buyer was La Jolla Pearl Plaza L.P., a California limited partnership, 1432 Lincoln Blvd., Santa Monica 90401.

Krystal Group Inc. is the general partner of La Jolla Pearl. Charles Shahram Zohoury is the president of Krystal.

The acquisition was financed with a loan of $5.58 million from Cathay Bank (Nasdaq: CATY).

The seller of the property was Union Bank, as trustee of The Testamentary Trust of Thomas L. Shepherd Unitrust, and as trustee of The Ruth F. Shepherd Unitrust.

The one- and two-level retail center was constructed in 1952-59.

The retail center at 7438-7466 Girard Ave. in La Jolla. Photo courtesy of CoStar

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