**HP Investors Acquires Mission Valley Office Building for Repositioning**
San Diego-based real estate investment firm HP Investors, in partnership with Realm, L.P., has acquired a seven-story, 145,000-square-foot Class A office building located at 1450 Frazee Road in San Diego’s Mission Valley. The off-market transaction was valued at $20.25 million.
The property will undergo a multimillion-dollar capital improvement program and will be rebranded as “Axis 1450.”
“Despite the significant challenges posed by current market conditions, the commercial office sector still offers unique opportunities that others tend to overlook,” said Sumeet Parekh, managing partner of HP Investors. “At our cost basis, this is an outstanding value-add opportunity to reposition the building and take advantage of the leasing velocity taking place in Mission Valley. This demand is driven by a flight to quality by office tenants migrating from downtown San Diego and those returning to in-office work.”
JLL’s Tim Olson and Bess Wakeman have been retained to oversee leasing for the property.
The acquisition marks a strategic move by HP Investors, positioning Axis 1450 to capitalize on evolving market dynamics within one of San Diego’s key commercial submarkets.
