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9/13/24
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Cast Capital Partners paid $11 mill for Four Governor Park, a two-building, 50.2k sf ($219/sf) stabilized office property in San Diego. The property, located on 2.7 acres at 5080-5090 Shoreham Place, was sold by MIG.
The business park consists of two buildings -- 5080 Shoreham Place (21.7k sf) and Shoreham Place (28.5k sf) -- that are connected by a courtyard. At the time of the sale, the property was 96% occupied by a mix of office tenants.
The property is in Central San Diego, where, according to CBRE research, the vacancy rate is 13.1%. However, Governors Park has the third lowest vacancy rate within the submarket, at 6.3%.
Bret Morris of Cast Capital Partners, as well as Ryan King of VOIT, represented Cast Capital Partners in the transaction. Cast intends to put a condo map on the property and sell individual units.
Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE's Investment Properties represented the seller in the transaction.
"This is a very well-located office project that has excellent office market fundamentals," said Pourcho. "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."
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