Midway Post Office Point Loma

Midway Post Office Point Loma 2018-07-03T15:11:24+00:00

Project Description

Brokers:
Tim Winslow | Jason Kimmel | Kevin Nolen

Client:
HV/CAL I Midway Owner, LLC, a Delaware limited liability company

Parcel Address:
2535 Midway Drive, San Diego, CA 92138

Size (Acres):
16.02 acres

Use:
Urban Residential

Challenges Encountered:
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.

Results Achieved:
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.

For more information, please contact:
tim.winslow@cushwake.com

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