The single-story, free-standing and single-tenant 10,143-square-foot building at 720 Silver St., La Jolla 92037, has been sold for $6.8 million, or $670-square-foot, cash.
In a separate but related transaction, the same buyer acquired two properties on Draper Avenue adjoining the Silver property for $2,225,000, cash.
The buyer in both transactions was EHOF La Jolla LLC, c/o Encore Capital Management, One Letterman Drive, Building C, Suite 3800, San Francisco 94129. EHOF is headed by developer's William A. Berwin and Michael K. Pierson.
The seller of the property at 720 Silver (assessor's parcel 350-451-11) was 720 Silver Street LLC, with the Imgard B. Valenta Trust, and Katherine Codega as successor trustee and manager.
The sellers of the Draper Avenue properties (350-451-09 and 10) were Jennifer C. Logan and Sharon K. Coleman.
The properties together totaled nearly three-quarters of an acre.
CBRE's Paul Lafrenz, Melissa Foster, Reg Kobzi and Brad Chelf -- out of CBRE’s (NYSE: CBG) Beverly Hills office -- represented the seller of 720 Silver, and Trenton Bonner, of Trenton Bonner Coastal Real Estate, represented the buyer.
Fully leased since 1999, the Silver property is located in the heart of La Jolla. According to the brokers, the buyer intends to tear down the building and redevelop the site with townhomes.