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LA JOLLA, CA-Ramsey Real Estate Group, in conjunction with Prospect Square LLC, has sold the Prospect Square mixed-use project in La Jolla to a Los Angeles-based limited partnership. The buyer, 1025 Prospect Limited Partnership, has shelled out $10.3 million for the property, nearly three times what Prospect Square LLC originally paid for it.

Prospect Square LLC acquired the facility in 1996 from an affiliate of AEW Capital Management LP and Midland Loan Services. It paid $3.6 million for the property, which it began renovating in 1999. The $3-million redevelopment project involved the creation of new ground level and second level space, new facades, the installation of an escalator and major upgrades to the building systems.

Encompassing 32,950 sf, Prospect Square consists of retail, restaurant and office space, along with three levels of subterranean parking. Located at 1025 Prospect St., it was 95% leased at the time of sale. The tenant mix is diverse, ranging from insurance brokers to art galleries.

Michael Schwartz of George Smith Partners Inc. acted on behalf of the buyer. The seller was represented in-house by Ramsey Real Estate Group.

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