ACQUISITION OF HERSCHEL WALL STREET, LA JOLLA, CA

by Dan Peoples | Nov 05, 2012

October 9, 2012

NEWS FROM:  Parallel Capital Partners, Inc.

FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
   Jim Ingebritsen, Parallel Capital Partners, 858-882-9504
   Dan Peoples, Peoples & Company, 858-552-1456

Parallel Capital Partners Acquires 1100 Wall Street for $8.0 Million

– Building Includes Retail and Office Space in Prime La Jolla Location –

San Diego, Calif.  Parallel Capital Partners, Inc.  has purchased 1100 Wall Street, a trophy retail and office building at the corner of Wall Street and Herschel Avenue in La Jolla, for $8.0 million. The acquiring entity was AGP Herschel Wall Street, LP, a partnership between Parallel Capital Partners and Angelo, Gordon & Co.  The seller was Collins Development Company.

The 31,259-square-foot building is located on ½-acre in the center of the La Jolla retail and business district. Built in 1962 and renovated in 1999, the building is 93% occupied with major tenants including Tommy Bahama, Citibank and Blue Book Publishers.

Parallel Capital Partners plans to renovate the common area finishes on all floors and the main building lobby, including an electronic building directory and suite signage.  Elevator modernizations are planned for 2013 and 2014.

“We are extremely excited about our re-entry into the premier La Jolla market – one of the highest barrier-to-entry markets anywhere in the world,” said Matt Root, CEO.  “ 1100 Wall Street represents an irreplaceable trophy property with tremendous upside potential through the development of excess land into a world-class retail and residential project.”

Eastdil Secured represented both Collins and Parallel Capital entities in the negotiations.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core plus opportunities for our own account in the western United States and Hawaii.