LA JOLLA, CA-The Shidler Group’s bet on the La Jolla Galleria less than two years ago has paid off handsomely, as an entity of the real estate firm has recently sold the office and retail asset for nearly double what it purchased the property for in October 2002. Buyer Marie Prescott Properties has shelled out $19.8 million for the facility, which the Shidler Group and partner Angelo, Gordon & Co. had acquired for $10.5 million.At the time of the Shidler Group’s purchase of La Jolla Galleria, the firm’s partner Matt Root said the asset had been purchased at an opportunistic price with correspondingly high potential returns. Under the ownership of the Shidler Group and Angelo, Gordon & Co., the property underwent a major renovation that resulted in improvements to both the exterior and interior of the building. In addition, the owners signed on some new tenants, including Affordable Laser Clinics in November 2002 for 2,430 sf; the law practices of Ferguson, Newburn & Weston Inc. and Nugent & Newnham APC in February 2003 for 4,005 sf combined; and Smith Barney in October 2003 for the facility’s entire 17,500-sf third floor. TD Waterhouse Investor Services Inc. also renewed its contract here in November 2002 for 3,021 sf. Constructed in 1983, the four-story La Jolla Galleria is located at 7777 Fay Ave. in the heart of the city’s Downtown. Encompassing 54,291 sf, it features subterranean parking and a landscaped courtyard. In the recent transaction, Marie Prescott Properties was represented by Robert Jones of RMJ Investments. Matt Root acted on behalf of the selling entity, which was comprised of AG La Jolla Galleria LLC and RRI LA Jolla Galleria LLC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.