SAN DIEGO, Calif. – March 14, 2018 – Governor Plaza, a premier small-tenant office building located in San Diego’s desired Governor Park community, has sold to an investor for $10.825 million. Performance Wealth (HNW) acquired the 38,617-square-foot (sf) two-story, multi-tenant building from Shoreham Place LLC. Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets services in San Diego represented the seller. Bill Cavanagh and Mike Novkov of the same local office also performed market advisory in the sale, and have also been retained by the new owner to continue leasing services for the property.
Mr. Reeder, Executive Managing Director, said, “Ideally positioned within San Diego’s famed ‘Golden Triangle’, Governor Plaza was 100% leased at the time of sale to a highly diversified tenancy—consisting entirely of sub 5,000 sf users—which combines with a well-balanced rollover profile to provide the buyer with secured income and cash flow protection.”
He added, “Leasing opportunities are particularly valuable in the boutique Governor Park submarket, which boasts robust demand for office space, single-digit vacancy, proximity to UTC, and surging rental rates. Outstanding market fundamentals, together with the property’s strategic location and institutional quality, created a dynamic opportunity for the acquisition of the ‘jewel box’ of Governor Park and the submarket’s most sought-after asset.”
Located at 5151 Shoreham Place, Governor Plaza is situated on 2.4 acres at the prominent southwest quadrant of Interstate 805 and Governor Dr., providing excellent image and visibility. Its central location in San Diego also gives unparalleled regional access and outstanding proximity to surrounding business markets, residential communities and a wealth of dining, shopping, and entertainment
Originally developed in 1984, Governor Plaza underwent significant renovations in 2013 and offers desirable business qualities such as outdoor seating and meeting areas in the courtyard, extensive window lines, flexible floor plates, tenant balconies, abundant natural light, resort-style restrooms, and shower facilities. The inviting courtyard at the building’s center also features a tranquil water feature, and beautiful, drought-tolerant Southern California landscaping. Additionally, the property offers recently renovated common areas and abundant parking.
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Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.