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Sumeet Parekh Of HP Investors And Realm L.P. Acquire Office Building In San Diego For $20.25M

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SOLD
$20,250,000

California

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Office145,000 SF
Sold 05/16/2025
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SOLD

Sumeet Parekh Of HP Investors And Realm L.P. Acquire Office Building In San Diego For $20.25M

1450 Frazee Road

See Similar Deals
Office145,000 SF
Sold 05/16/2025
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$139
Total Square Footage:145,000 SF
Transaction Type:Sale

The asset involved in this transaction is a Class A office building located at 1450 Frazee Road in San Diego's Mission Valley. The property comprises 145,000 square feet and was sold for $20,250,000, which translates to $140 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $20,250,000
  • Address: 1450 Frazee Road
  • Market: San Diego
  • Square Footage: 145,000
  • Price per Square Foot: $140
  • Buyer: Sumeet Parekh - HP Investors; - Realm, L.P.

The transaction was represented by Sumeet Parekh from HP Investors and involved Realm, L.P. The building will be rebranded as Axis 1450 and is set to undergo a multi-million dollar renovation to reposition it as a value-add asset amidst strong leasing activity in the submarket.

Players

SP
Sumeet Parekh
5 deals$80M volume
BUYER

Details

SOLD
IMAGE: Sumeet Parekh DATE: 05/16/2025 ADDRESS: 1450 Frazee Road MARKET: San Diego ASSET TYPE: Office BUYER: Sumeet Parekh - HP Investors (@HPInvestors); - Realm, L.P. SALE PRICE: $20,250,000 SF: 145,000 ~ PPSF: $140 NOTE: HP Investors and Realm, L.P. acquired the 145,000 SF Class A office building at 1450 Frazee Rd. in San Diego’s Mission Valley for $20.25M in an off-market deal.The building, to be rebranded as Axis 1450, will undergo a multi-million dollar renovation to reposition it as a value-add asset amid strong leasing activity in the submarket.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,080,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$71,943.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$95,995.33
Annual Debt Service$1,151,943.97