Monday, February 16, 2015

HFF closes sale of mixed-use office and retail building in San Diego, CA


Herschel & Wall Building, La Jolla Neighborhood, 7911 Herschel Avenue and 1100 Wall Street
San Diego, CA

Nick Psyllos
SAN DIEGO, CA – HFF announced it has closed the sale of Herschel & Wall, a 36,565-square-foot, mixed-use office and retail building in San Diego’s La Jolla neighborhood. 

                HFF marketed the asset on behalf of the seller, a joint venture between Parallel Capital Partners, Inc. and Angelo, Gordon & Co.  A partnership between MHF Real Estate Group and McCarthy Ranch purchased the asset. 

Herschel & Wall is located at 7911 Herschel Avenue and 1100 Wall Street in the coastal community of La Jolla, a neighborhood in northern San Diego.  Herschel & Wall is less than a quarter mile from the Pacific Ocean at La Jolla Cove and approximately 13 miles from downtown San Diego. 

The property has 39 parking spaces, abundant community amenities (Walk Score® of 98) and a newly-renovated lobby.  

Major tenants of the four-story building include Citibank, Tommy Bahama and Four Star Software.  The buyer plans to convert the third and fourth floors to high-end creative office space with premium ocean views.

Nick Frasco
                The HFF investment sales team representing the seller was led by senior managing director Nick Psyllos, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett, director Nick Frasco, managing director Nick Bicardo and senior real estate analyst Kara Mathis.

“The Herschel & Wall building is an iconic mixed-use office and retail property on one of the best-located, highly-trafficked intersections in the affluent coastal La Jolla Village area of San Diego,” Frasco said.

 “The property was built prior to the implementation of the building height restrictions in the area and features above-standard floor-to-floor heights and superior ocean views, allowing for a repositioning of the top three floors into modern, progressive office space.

 Additionally, the zoning potentially allows for a future residential condominium conversion, further enhancing the value-add opportunity presented by the asset.”

               
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


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