HV/CAL I Midway Owner, LLC, a Delaware limited liability company
2535 Midway Drive, San Diego, CA 92138
The owner closed on the property from the USPS for $20M in 2016. The buyer saw the underlying value of the land via a community plan update in process, but the current owner had no interest in that type of redevelopment of the site. The buyer had to find a partner and close without zoning or entitlements, part of the seller requirements. The buyer was able to do just that, returning the owner a 2x on their investment in just over one year after their purchase.
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.