Executive Leasing of Nevada LLC has sold its 17,800-square-foot medical office building at 7630 Fay Ave. in La Jolla for $7.02 million. The buyer, Monarch La Jolla LLC, of Irvine, Calif., intends to convert the property to an upscale assisted living facility. Midcap Financial Trust provided a construction loan of $9.96 million. The two-story property was sold to Fay Avenue Properties LLC for $3.3 million in 2002. Fay Avenue renovated the building as a surgical center, with operating rooms and multiple medical exam rooms on the second floor and a medical spa on the first. Fay Avenue vacated the property in the mid-2000s, and the facility was owned and operated by a spa owner until she filed bankruptcy in 2011. Executive Leasing held a second trust deed on the property and foreclosed upon it by the summer of 2012.