A property sold in Bird Rock just became the most expensive on the priciest commercial corridor in coastal San Diego.
In December 2025, Encore Partners LLP, a CPA firm, bought the commercial condo, around 2,536 square feet, for $2.23 million. The $880.38 per-square-foot price is over 50% more expensive than a comparable sale from not quite two years earlier.
The space, located at 5490 La Jolla Blvd., will be used as their main office, in addition to their Beverly Hills location.
Senior Vice President Todd Law, of Capital Growth Properties, Inc., represented the buyer and has been working in the La Jolla market for more than two decades. He described the sale as “the kind of deal you wait 25 years for,” in a press release.
The property is a part of the Seahaus condo community. Next Wave Commercial listed it for $2.4 million. They advertised the space as an excellent owner-user opportunity, with street view exposure and an outdoor ocean view patio.
CoStar Group recorded this transaction as the highest price-per-square-foot sale on the corridor adjacent to Bird Rock’s small, but lively business district.
Josh Ohl, senior director of market analytics at CoStar, said when it comes to these kinds of properties you’re paying for the proximity to water, access to high income households and retail amenities on the same street.
“Vacancy is very low in those areas for commercial retail.” Ohl said. “You have a lot of foot traffic, you’re close to everything, which makes it desirable and pushes the price per square foot up.”
Law said that Bird Rock has been a “quiet sleepy community” for years and it’s interesting to see prices rise because businesses are choosing elements like walkability, location and good neighborhood retailers.
Encore Partners LLP previously leased a space at University Town Center for seven years and decided that Bird Rock was the market they were looking for. The sale concluded after only three months.
This, Law said, was an owner-user decision to secure a location to fit the business while recognizing the value behind owning rather than renting.
Bird Rock street with the ocean in the background. (Photo by Andi Ruiz/Times of San Diego)“Businesses (that) choose to purchase and pay this kind of rate are really investing in the community,” Law said. “And it’s a commitment to the community.”
He said the transaction reflects a broader trend that businesses are making the choice to own retail spaces as a way to invest in themselves. There continues to be strong demand for businesses seeing the long-term advantage and tax benefits.
His client, Law said, “chose this submarket to really capitalize and go after.”
The owner of Encore Partners LLP, Betty Kim, said it wasn’t the building that attracted the firm to Bird Rock, but the community itself.
“At a time when many businesses are reducing their office footprint, we chose to invest in a permanent headquarters because we believe relationships, collaboration and community still matter,” Betty Kim said in an email statement.
She said this is a place where her team meets, learns and thrives and the atmosphere makes it feel like more than just an office space.
“Quite simply, it is a place where people enjoy spending time and it makes coming to work a lot of fun,” Kim said.
Joe Parker, president of the Bird Rock Community Council and a long-time resident, agrees that his community is special.
He said when a new business comes into the neighborhood they make a substantial investment in the community. Although when it comes to seaside sites, Parker said he is constantly mystified how expensive properties have become.
“I don’t think I could afford to come back into my own neighborhood,” Parker said.
The merchants who currently occupy retail spaces along the boulevard pay a dear price for their properties, Parker said, and need the support of the community and visitors to survive.
Business is a two-way street, and when “you support us, we’ll support you,” he added of the tight-knit community, where he said people tend to know names of other people’s dogs.
He estimates that occupancy has reached a high. He is excited to see businesses come in and make an investment in growth.
“That speaks volumes for who we are as a community,” Parker said.
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