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HP Investors Snags Mission Valley Offices for Repositioning
San Diego-based real estate investment firm HP Investors, in partnership with Realm, L.P., has acquired 1450 Frazee, a seven-story, 145,000-square-foot Class A office building in San Diego’s Mission Valley submarket in an off-market transaction, valued at $20.25 million. The new ownership will commence a multimillion-dollar capital improvement program and rebrand the property as Axis 1450.
“Despite the significant challenges posed by current market conditions, the commercial office sector still offers unique opportunities that others tend to overlook,” said Sumeet Parekh, managing partner of HP Investors. “At our cost basis, this is an outstanding value-add opportunity to reposition the building and take advantage of the leasing velocity taking place in Mission Valley, which has resulted from both the flight to quality by office tenants migrating from downtown San Diego and those returning to office for work.”
JLL’s Tim Olson and Bess Wakeman have been retained to oversee leasing at Axis 1450.
- ◦Sale/Acquisition
