HP Investors LLC Announces Sale of Land in Bankers Hill for $9.425M
SAN DIEGO, CA – February 12, 2018 – HP Investors LLC (“HPI”) announces it has completed the sale of 1850 Fifth Avenue, San Diego (the “Property”). HPI purchased the land for $7.1M in October 2017 and sold the leased property to CVS for over $9.4M on January 28th.
Sited on 25,000 square feet of prime land in the coveted Bankers Hill neighborhood, the Property will be home to an approximately 10,000 square foot CVS store once a full remodel is complete. The Property is located next to the Sharp Medical Facility and benefits from its prominent corner location between Fourth and Fifth Avenues.
HPI’s managing partner, Sumeet Parekh said, “While HP Investors generally invests for the long-term we realized the opportunity to achieve a significant pricing premium in today’s market. We were very pleased to have executed on this transaction at a national record low cap rate for a CVS property. “
The Mansour Group with Marcus and Millichap represented the buyer and HP Investors.
About HP Investors
HP Investors, founded in 2010, is a real estate investor / developer with offices in San Diego and Oakland, CA. The firm focuses on long-term oriented real estate investments in urban locations on the West Coast. The firm currently owns and manages over 45 real estate investments worth more than $500 million. For more information about HP Investors, please see our website, www.hpinvestors.com.