Lee & Associates Negotiates $7.6 Million Land Parcel Sale
Torrance, CA – March 8, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed on the $7.6 million sale of a .32-acre land parcel at 1030 Pearl St., and 7522-7532 Herschel Ave., in La Jolla, Calif.
Lee & Associates’ Matt Weaver, Patrick Miller and Trevor Jensen of the North San Diego office teamed to represent buyer Zephyr Partners-RE, LLC, in the transaction.
The property is located in Downtown La Jolla, just west of Interstate-5 and about one-half mile away from the Pacific Ocean, next to the La Jolla County Club. It is fully entitled for 24 townhomes. The entire parcel comprises 27,687 square feet and is currently improved with office and apartment buildings.
“This property is in a prime location at the intersection of Pearl and Herschel in La Jolla,” said Weaver, who is a principal in Lee’s North San Diego office. “Zephyr Partners is a strong local company and this project will be extremely successful for them.”
Zephyr plans to demolish the existing structures and hopes to break ground in the next three to four months. The seller, Pearl & Herschel, LLC, was represented by Victor Krebs of Colliers International.
About Lee & Associates
Celebrating 31 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Indiana, Illinois, Indianapolis, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
