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Classic Auction - Mixed Use

Prospect Square

1025 Prospect Street, La Jolla, CA 92037

Under Contract
This asset was part of the October 14th, 2020 sale event and is currently under contract.

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  • Asset Type
  • Real Estate (Leasehold)
  • Property Type
  • Mixed Use
  • Land Area
  • 0.37 Acres
  • Year Built
  • 1984
  • Number of Floors
  • 3
  • Number of Buildings
  • 1
  • Parking Count
  • 91
  • Occupancy
  • 40.00%
  • Occupancy as of
  • Aug 01, 2020
  • Mixed Uses
  • Retail, Office
  • Total Property Size
  • 33,055 Sq Ft
  •  
  • Retail Information
  • Retail Type
  • Neighborhood Center
  • Anchor
  • No
  • Property Size
  • 18,850 Sq Ft
  •  
  • Office Information
  • Office Type
  • CBD Office
  • Property Size
  • 14,205 Sq Ft

Prospect Square | Premier Coastal Real Estate | La Jolla, CA

Investment Highlights

PREMIER COASTAL REAL ESTATE: Prospect Square is positioned in the heart of Downtown La Jolla Village, considered one of the west coast’s affluent submarkets. The asset’s prime Prospect Street location with excellent frontage & visibility offers unobstructed ocean views from nearly all retail and office suites.

IMMEDIATE VALUE-ADD OPPORTUNITY: With approximately 60% immediate occupancy upside, this lender-owned asset offers the unique ability to enhance NOI and build upon an existing well-known core tenancy while repositioning the asset as one of La Jolla’s landmark properties.

DYNAMIC SUBMARKET FUNDAMENTALS: Downtown La Jolla Village submarket is one of San Diego’s best-performing trade-areas with strong occupancy along with some of the county’s highest retail and office lease rates. La Jolla’s limited supply and constrained market conditions create significant barriers to entry enhancing Prospect Square’s intrinsic long-term value.

WORLD-CLASS RETAIL DESTINATION: Just 1-block from oceanfront Scripps Park and world-renowned La Jolla Cove, Prospect Square is also within walking distance to abundant service-retail amenities featuring some of the area’s most exclusive boutiques & galleries, hotels and restaurants.

Offering Details

Kidder Mathews in conjunction with RealINSIGHT Marketplace is pleased to offer a unique generational opportunity to acquire the leasehold interest in Prospect Square, a 33,055 SF multi-tenant retail & office property in the heart of downtown La Jolla.  Located just 1-block from the Pacific Ocean, Prospect Square is recognized as one of the cornerstone projects in La Jolla village.  Prominently situated with over 170’ of Prospect Street frontage, dramatic ocean views are offered from nearly all suites.

Originally built in 1984 with renovations reportedly completed early-2000, Prospect Square is a three-story contemporarily designed project offering street-retail with 2nd & 3rd service-retail and office suites.  The project benefits from abundant on-site parking with a three-level subterranean parking garage.  Presently, Prospect Square is 40% leased to a selection of boutique retailers, a popular area restaurant and premier personal and financial services.

Given its premier coastal San Diego location and its proximity to some of the strongest income demographics in the nation, Prospect Square offers the astute investor a rare value-add opportunity to acquire an asset in the affluent and highly desirable downtown La Jolla submarket.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Under Contract
This asset was part of the October 14th, 2020 sale event and is currently under contract.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Emilio Lemeni

    c/o Fisher Auction Company Inc.

    License: 00961384