Former Post Office Property in Point Loma/Midway District Sells for $40.05 Million
SAN DIEGO – A 16.02-acre coastal site at 2535 Midway Drive in the Point Loma/Midway area of San Diego, has been sold for $40.05 million. Bounded by Barnett Avenue and Midway Drive, the property previously served as a post office distribution facility for the City of San Diego.
The buyer of the property is a joint venture whose managing member is an affiliate of San Diego-based real estate developer Hammer Ventures. HFF’s equity placement team, led by Director Bryan Clark, worked on behalf of the buyer to arrange joint venture equity for the acquisition. The seller was Rexford Industrial Realty LP.
An urban masterplan is being developed for the property, which sits at the gateway to the greater Point Loma area and within a short walk to the vibrant Liberty Station. A new $325 million mixed-use development, tentatively called “The Point,” will greatly enhance this unusually large coastal real estate site.
Hammer Ventures is a group of real estate ventures primarily dedicated to the acquisition and development of office, multifamily and mixed-use properties in Southern California. Privately held and based in San Diego, the firm is recognized as an entrepreneurial leader in the development of Class A assets in prime locations. Hammer is dedicated to the progression of urban communities and since its inception in 2000 has developed a portfolio valued in excess of $1.5 billion.