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2/13/15
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Herschel & Wall, a 36.6k sf, mixed-use office and retail building in San Diego’s La Jolla neighborhood traded hands. It was purchased by a partnership between MHF Real Estate Group and McCarthy Ranch from a joint venture between Parallel Capital Partners Inc and Angelo, Gordon & Co. The price was not disclosed.
Herschel & Wall is located at 7911 Herschel Ave and 1100 Wall St, 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 Psyllos, Michael Leggett, Nick Frasco, Nick Bicardo and Kara Mathis of HFF represented the seller in the deal. According to Frasco, 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. The buyer will likely reposition 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.
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