San Diego Retail Condo Trades for Record Price

By Ariela Moraru

1020 Prospect St., La Jolla, San Diego

Colliers International arranged the sale of a 3,517-square-foot retail condominium in La Jolla, Calif., for $4.7 million. The Cove Equity Group LLC purchased the two-unit property with no outside representation for $1,322/square foot, a record price for shell retail space. Bill Shrader, David Maxwell, Joe Brady and Luke Holler of Colliers International’s Urban Property Group represented the seller, Hammer Ventures on behalf of RREF II-HV Prospect Property Owner LLC.

Located at 1020 Prospect St., the condo is on the ground floor of Muse, a 16-unit, luxury residential building under redevelopment. The building is within walking distance from the Museum of Contemporary Art San Diego and several other art galleries and museums, restaurants and abundant retail.

“The buyer was attracted to the iconic Prospect & Girard location at Muse, which is one of the best-located retail spaces in the county,” Bill Shrader, leader of the Urban Property Group & senior vice President at Colliers International San Diego Region, said in prepared remarks.

Colliers International has recently brokered the $69.5 million sale of a 153,686-square-foot neighborhood center in Santa Clarita, Calif.

Image courtesy of Colliers International