La Jolla Village Professional Center Associates has sold The Campus on Villa La Jolla, a five-building, 198,453-square-foot mixed-use campus in La Jolla, California, to GPI Companies for $97.1 million. The sprawling coastal asset is situated on 6.78 acres just west of Interstate 5 and is proximate to the Pacific Ocean.
Located at 8910 to 8980 Villa La Jolla Drive, the property is 83 percent occupied and includes a three-building professional center with office and medical tenants; a newly built, state-of-the-art, standalone medical-office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. Just over half of The Campus on Villa La Jolla is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive, connecting UCSD directly to The Campus.
Kevin Shannon, NKF Capital Markets co-head of U.S. capital markets, along with executive managing directors Brunson Howard, Ken White, and Paul Jones and senior managing director Rick Stumm, represented the seller. The buyer was self-represented.
Shannon says, “The competition for this prime coastal location was fierce, as many buyers were attracted to the upside of the opportunity via lease-up and repositioning, as well as the tremendous scarcity of this type of for-sale product in the UTC market.”
Howard adds, “This property is primed to benefit from the $1-billion revitalization of UTC Westfield Mall, as well as the pending completion of the Mid-Coast Corridor Transit Project and offers tenants walkable access to mass transit and world-class retail amenities.”