SAN DIEGO – June 16, 2020 – Berkadia announced the recent sale of Park & Polk and The Fort, two trophy mixed-use assets located in premier rental submarkets in San Diego. Both The Fort and Park & Polk were designed and developed by renowned architect and developer, Jonathan Segal. Investment Advisors Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office handled the transaction. The Berkadia Team received tremendous interest despite the challenging capital markets environment and were able to navigate and complete the portfolio transaction for a combined price of over $45 million.
Berkadia represented the seller, Jonathan Segal, based in San Diego. The buyer was A.L. Group LLC, based in San Diego.
According to Rosen, “We are pleased to have completed this high-profile transaction amid such challenging and uncertain times. Jonathan has been at the forefront of architecture and design and the buyer recognized the rarity of the opportunity to acquire two of San Diego’s most desirable assets.”
Segal, widely considered one of California’s most successful and pioneering residential architect and developer, has been the recipient of numerous accolades including 40 local, state and national AIA awards for residential and urban design. Always designed in a modern vein, his buildings are known for unique and sleek designs. Segal masterfully combines Type-I construction characteristics that beautifully blends the use of concrete, glass and steel. His deep understanding of space, light and texture has allowed him to achieve the architectural aesthetic style of today’s lifestyle renter, further rendering Segal’s developments one of a kind.
Park & Polk, one of Segal’s most recent mixed-use developments located in the Hillcrest neighborhood of San Diego, features 55 contemporary studio, one- and two-bedroom residential units and 3,400 square feet of ground floor commercial space. Property amenities include professionally landscaped grounds, a large outdoor common area, and a rooftop deck that captures panoramic views of San Diego.
Consisting of 29 studio and two-bedroom residential units, The Fort was previously the site of the Mission Hills Ford dealership. Segal reconstructed the historic site into a mixed-use project that seamlessly blends elements of the authentic architecture with his famous contemporary design. Segal took the original dealership showroom and repurposed it into a 3,600 square-foot restaurant, which houses the popular Mission Hills eatery, Fort Oak.