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Vacant lot on LJ Blvd. in La Jolla sold

The vacant, approximately 15,400-square-foot commercial lot in Bird Rock at 5702 La Jolla Blvd., La Jolla 92037, has been sold for $2.9 million. The property is at the corner of La Jolla and Bird Rock Avenue.

The buyer was CR Bird Rock LLC, with CR Bird Rock Associates LLC as the managing member. ColRich California Inc., 444 W. Beech St., Suite 300, San Diego 92101, is the managing member of CR Bird Rock Assoc., and Danny Gabriel is the manager of ColRich.

A construction loan of $5.4 million was provided by San Diego Private Bank, 9404 Genesee Ave., Suite 100, San Diego 92037. Nina Front is senior vice president of the bank.

Recorded documents indicate the site will be developed with multi-family residences.

The seller of the property (assessor's parcels 357-366-12, 13 and 14) was Michael Krambs and Olga V. Krambs, trustees of the M.O.R.K. Family Trust.

The property was most recently sold in August 2005 for $3 million, with financing of $2.5 million from La Jolla Bank.

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