Development site in La Jolla sells for $2,412,500
LJ Ocean View, LLC has purchased an 11,253-square-foot property at 7417 Olivetas Ave. in La Jolla for $2,412,500.
The seller, Olivetas Associates, LLC was represented by Victor Krebs and Rob Morgan of Colliers International. The buyer was represented by Eric Eaton of Prudential California.
The site is fully entitled for an 8-unit townhome project which the buyer plans to develop. The existing improvements consist of an 8-unit apartment building with all 1-bed, 1-bath units.
This is the second development site Krebs and Morgan have sold for the seller in the La Jolla area. In February 2011, they sold a fully entitled 24-unit townhome project at 1030 Pearl St. for $7,591,000. The buyer, Zephyr Partners, is currently under construction on the 24 townhomes.
Colliers International is the third–largest commercial real eastate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. For more information visit www.colliersnews.com.