In an off-market deal, HP Traders and Realm L.P. have acquired 1450 Frazee, a 145,000-square-foot workplace constructing in San Diego. DRA Advisors bought the property for $20.3 million. Rebranded as Axis 1450, the asset is about to bear a capital enchancment program.
The constructing had been below DRA Advisors’ possession since 2018, when the corporate purchased it from Menlo Equities for $33 million, in response to CommercialEdge data. The corporate used $22 million, five-year mortgage from Guggenheim Life and Annuity Co. to accumulate the property.
The brand new Axis 1450
Accomplished in 1982 at 1450 Frazee Highway, Axis 1450 is a seven-story constructing that includes floorplates that vary from 2,000 to twenty,000 sq. ft. The tenant roster contains Jones & Associates Consulting, Axia Actual Property Group, Monetary Planning Consultants and Staffmark, CommercialEdge knowledge reveals. The brand new possession will quickly begin renovations on the property, as a part of a multi-million capital enchancment program that can improve the constructing infrastructure and customary areas.
Positioned inside San Diego’s Mission Valley submarket, the workplace constructing is inside 5 miles north of downtown, simply off California State Route 163. The property is adjoining to the Friars Mission Heart, Mission Valley and Hazard procuring facilities, in addition to close to the Hazard Heart gentle rail cease on the Inexperienced Line.
Going ahead, JLL Market Lead Tim Olson and Government Vice President Bess Wakeman will probably be in control of leasing at Axis 1450.
As of April, workplace transaction quantity in San Diego reached $510 million, rating ninth nationwide, behind Manhattan ($2.6 billion), Washington D.C. ($1.4 billion), the Bay Space ($1 billion), Houston ($865 million), Chicago ($759 million), Los Angeles ($638 million), Boston ($543 million) and San Francisco ($514 million), in response to the most recent CommercialEdge workplace report. Itemizing charges within the metropolis averaged $43.36 per sq. foot in April, up 1.0 p.c year-over-year. Furthermore, San Diego’s workplace emptiness fee rose to 22.6 p.c, marking a 420-basis-point enhance year-over-year.
