New Owner Buys University City Office Property for $11M, Plans to Add Condos

Four Governor Park, an office property on 2.7 acres in University City, has been sold for $11 million, according to a real estate brokerage.

Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE’s Investment Properties represented the seller, MIG, in the transaction.

Bret Morris of Cast Capital Partners, as well as Ryan King of VOIT, represented Cast Capital in the transaction. Cast intends to put a condo map on the property and sell individual units.

“This is a very well-located office project that has excellent office market fundamentals,” said Pourcho, executive vice president at CBRE.  “The office vacancy rate in Governor Park is 6% and has remained that strong throughout the pandemic. The tenant mix of typical San Diego professional services bodes well for San Diego office owners, as our demographics are unique compared to larger national cities throughout the U.S.”

The business park, located at 5080-5090 Shoreham Place, is made up of two buildings, 5080 Shoreham Place, at 21,715 square feet, and Shoreham Place, at 28,521 square feet, connected by a courtyard.

Overall, Central San Diego, according to CBRE research, has a vacancy rate of 13.1%; by comparison, Governors Park has the third lowest vacancy rate within the submarket, at 6.3%.