$325M San Diego Mixed-Use Project Underway

A joint venture affiliated with Hammer Ventures recently acquired a former post office property in the city’s Point Loma/Midway district, which it plans to develop into a mixed-use project tentatively called The Point.

Rendering of The Point, San Diego
Rendering of The Point, San Diego

A joint venture managed by an affiliate of Hammer Ventures has acquired a 16-acre coastal site in the Point Loma/Midway area of San Diego. Rexford Industrial Realty LP sold the property, a former post office distribution facility, for about $40 million. The JV plans to develop a new $325 million mixed-use project on the site, tentatively called The Point.

HFF’s equity placement team represented the buyer to secure joint venture equity for the acquisition of the site located at 2535 Midway Drive. The property has easy access to interstates 5 and 8, and is less than 5 miles from San Diego International Airport. Half a mile up the street, Capital Asset Management recently acquired Rosecrans Shopping Center, which it plans to reposition to appeal to health and fitness tenants.

Hammer Ventures also recently sold a 3,517-square-foot retail condominium in La Jolla, Calif., at a record price for retail space. The company has developed a portfolio valued at more than $1.5 billion.

Rendering courtesy of Hammer Ventures