March 16, 2018 Comments Off on San Diego ‘Jewel Box’ Commands $10.8M+ Views: 2461 California News, San Diego

San Diego ‘Jewel Box’ Commands $10.8M+

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, two-story, multi-tenant building from Shoreham Place LLC.

The ‘Jewel Box’ property is located at 5151 Shoreham Pl., and is situated on 2.4 acres at Interstate 805 and Governor Dr., which provides prominent image and visibility. Originally developed in 1984, Governor Plaza underwent significant renovations in 2013.

Cushman & Wakefield Capital Markets services’ handled the transaction. Cushman & Wakefield has also been retained to continue handling the leasing assignment.

Cushman & Wakefield’s Rick Reeder says, “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-square-foot users—which combines with a well-balanced rollover profile to provide the buyer with secured income and cash flow protection.”

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