One of La Jolla Village’s marquee mixed-use corners just found new owners for $10.3 million. Prospect Square at 1025 Prospect Street, a three-story cluster of restaurants, galleries and offices two blocks from the ocean, was purchased by two LLC buyers, brokers said, underscoring how little trophy coastal retail is actually up for grabs in San Diego.
According to San Diego Business Journal, the property totals roughly 33,055 square feet, with ground-floor and second-floor retail and restaurant space, third-floor offices and a three-level subterranean parking garage. Deal records identify the seller as 1025 Prospect LLC and the buyers as 1025 Associates LLC and Wedge 3.0 LLC.
What The Buyers Just Scored
Originally built in 1984, the asset was renovated in 2022 and again in 2024, upgrades that brokers say helped sharpen its leasing appeal. Current occupants include neighborhood fixtures and small professional offices such as Cody’s Restaurant, Beeside Balcony, The Agency, Arjang Fine Art, Blueprint Equity and Patient Partner, according to industry coverage. Per REBusinessOnline, that tenant mix delivers immediate street-level cash flow.
Dealmakers And Their Pitch
Marcus & Millichap’s Del Mar team handled the sale, with Nick Totah and Ross Sanchez credited for representing the parties. Totah told local reporters that “demand for coastal retail mixed-use in San Diego continues to be exceptionally strong, particularly in La Jolla, where trophy assets rarely come to market,” comments that were reported by San Diego Business Journal.
What It Signals For La Jolla Village
Offering materials circulated during marketing showed the building was priced at roughly $10.9 million, suggesting the sellers first tested premium levels before agreeing to the $10.3 million trade. The combination of stable neighborhood tenants, recent capital improvements and rare underground parking made the property an attractive buy-and-hold play for coastal investors, according to listing materials on The Totah Group.
For tenants and shoppers in La Jolla Village, the near-term script looks like continuity: new owners in this pocket of the market typically focus on modest leasing work and keeping existing tenants in place rather than sweeping redevelopment. The remaining question is whether the new landlords opt for light repositioning that could nudge rents or subtly reshape a few storefronts along Prospect Street.
