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11/07/14
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Palisades Property Trust has purchased Governor Plaza, a two-story, 38.7k sf office building in San Diego’s Miramar area. The property, situated on 2.41 acres at 5151 Shoreham Place in Governor Park, was sold by Cruzan.
Built in 1984, Governor Plaza tenants include financial services, design and real estate management firms. It was 73.4% leased at the time of sale.
Louay Alsadek and Hunter Rowe of CBRE represented Cruzan in the deal. Chris High and JP Huntington of Cushman & Wakefield acted as market specialists on behalf of Cruzan. Palisades Property Trust represented itself.
“Buyers showed significant interest in the asset due to Cruzan’s stylized renovations to the common areas and Central San Diego’s improving market fundamentals,” Alsadek said. “Rent growth in the Governor Park submarket is increasing steadily and the enhanced asset is well-positioned to benefit from the market improvements.”
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