Brandon Keith, senior vice president of Voit Real Estate Services' San Diego office, and Stephen Dok, from Lee & Associates, teamed up to represent the seller in the Deal of the Week.
The deal was the sale of the 17,800-square-foot medical office building at 7630 Fay Ave. in La Jolla for $7.02 million.
The buyer was Monarch La Jolla LLC, of Irvine. Monarch Ventures La Jolla LLC (Ventures), is the sole manager of the buyer.
Monarch Community Investors LLC (Investors), is a manager of Ventures, and F. John Haffner is a manager and chairman of Investors.
Midcap Financial Trust provided a construction loan of $9.96 million.
The seller of the property was Executive Leasing of Nevada LLC, with Lois F. Wray and Daniel X. Wray as the managers.
The new ownership intends to convert the property to an upscale assisted living facility, according to Keith.
The property is a two-story building sold to Fay Avenue Properties LLC for $3.3 million in 2002.
Fay Avenue renovated the building as a surgical center with operating rooms and multiple medical exam rooms on the second floor, and a medical spa on the first.
The medical user vacated the property in the mid-2000's, and the facility was owned and operated by the spa owner until she filed bankruptcy in 2011. Executive Leasing held a second trust deed on the property, and foreclosed upon it by summer 2012.