The 25,600-square-foot vacant, freestanding, flex-office/R&D building in Governor Park at 5015 Shoreham Place, San Diego 92122, has been sold for $3,918,000.
The buyer was GA-Monroe Shoreham LLC, 3394 Carmel Mountain Road, Suite 130, San Diego 92121, Attn: Phil Monroe.
The new ownership is doing business as Locale Advisors Inc., which plans immediate renovations, including high exposed ceilings, glass roll-up doors, and new outdoor amenity space.
Wells Fargo Bank provided a construction loan of $3,370,500.
The seller of the property (assessor's parcel 348-031-19) was Cliffwood California LLC, a California limited liability company. Lois Rosen, trustee of the Lois Rosen Revocable Trust is the member manager of Cliffwood.
Patrick Rohan, senior director with Cushman & Wakefield, represented the buyer and the seller.
The one-story, class B building was constructed in 1985 on a 2.47-acre lot. The building includes a 14-foor clear warehouse ceiling, two grade-level truck doors and an 80 percent office build-out.
The building was sold in March 2000 for $3,752,000.