Grubb & Ellis/BRE Commercial and Keys Commercial on Friday announced the sale of the Merrill Lynch Building located in San Diego’s La Jolla submarket.

The value of the transaction was $28.4 million.

The four-story, class A office building consists of 99,670 square feet and was 100 percent leased to 19 tenants at the time of sale. Major tenants include Merrill Lynch, First Choice Executive Suites, La Jolla Sports Club and Commercial Capital Bank. 

The building, originally constructed in 1984, is situated on .8 acres at 7825 Fay Ave. The seller was KC 7825 Fay Avenue LLC. The buyer was PERA 7825 Fay Avenue Inc. 

San Diego, Calif.-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.

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