San Diego's University City has seen a significant real estate transaction with the sale of Four Governor Park, with the office property changing hands for $11 million. The site includes a two-building office park spread across 2.7 acres at 5080-5090 Shoreham Place. According to a LinkedIn announcement by CBRE, the team handling the sale was led by Matt Pourcho, Anthony DeLorenzo, and Matt Harris of CBRE's Investment Properties, alongside leasing experts Scott Kincaid and Nick Bonner. They successfully represented MIG, the seller, in this transaction.
The park comprises two structures, specifically the 21,715-square-foot building at 5080 Shoreham Place and the 28,521-square-foot structure, known as Shoreham Place, joined by a courtyard. With a robust occupancy rate of 96% at the time of sale, the location has outperformed, maintaining a low office vacancy rate of 6%, which, according to CBRE, "has remained that strong throughout the pandemic years ago." This was highlighted by Matt Pourcho, who, in a statement obtained by LinkedIn, recognized the location’s strengths compared to the typical fluctuations observed across broader national markets.
New plans are on the horizon for Four Governor Park under the new proprietorship. Cast Capital Partners, represented by Bret Morris and Ryan King of VOIT in the transaction, are looking to diversify the use of the property by creating a condo map, which would allow for the sale of individual units. Further insights revealed by a Times of San Diego report underscore the local area's potential for sustainable investment and use.
Contextualizing this sale within the broader San Diego market, CBRE research indicates that the central part of the city has a vacancy rate of 13.1%. Four Governor Park, however, outperforms this average, boasting the third lowest rate within its submarket, at 6.3%. "This is a very well-located office project that has excellent office market fundamentals," Matt Pourcho stated, per Times of San Diego, emphasizing the durable tenant mix of service providers such as architects, CPAs, financial advisers, attorneys, and insurance companies that maintain a consistent presence at the property.
