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April 21, 2018
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Former Post Office Property in Point Loma Sells for $40 Mil


A 16-acre coastal site in the Point Loma/ Midway area of San Diego has sold for $40.05 mil. The property, bounded by Barnett Ave and Midway Dr, previously served as a post office distribution facility for the City of San Diego.

An urban masterplan is being developed for the property, located at 2535 Midway Dr, at the gateway to the greater Point Loma area and within a short walk to the vibrant Liberty Station. A new $325 mil mixed-use development, tentatively called “The Point,” will greatly enhance this unusually large coastal real estate site.

The buyer of the property is a joint venture whose managing member is an affiliate of San Diego- based real estate developer Hammer Ventures. The seller was Rexford Industrial Realty LP.

Tim Winslow, Jason Kimmel and Kevin Nolen with Cushman & Wakefield represented the buyer in the transaction. Since its inception in 2000, Hammer Ventures has developed a portfolio valued in excess of $1.5 bil.

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