Transactions - MAY 24, 2017

Developer plans $325m mixed-use project in San Diego

by Andrea Waitrovich

San Diego developer Hammer Ventures has acquired a former U.S. Postal Service property in San Diego’s Point Loma/Midway area, for approximately $40 million, with plans to develop a new $325 million mixed-use project. The seller was Rexford Industrial Realty.

The 16.02-acre coastal site will be renamed as The Point. The former postal property consists of two buildings with a total of 373,000 rentable square feet on 16 acres.

No further details were disclosed on the project, which is in the early planning stages.

Rexford Industrial Realty Inc. of Los Angeles had previously acquired the former U.S. Postal Service annex facility at 2535 Midway Drive in October 2015 for $19.3 million with plans to redevelop the property into new industrial spaces.

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