Louay Alsadek and Hunter Rowe, of CBRE (NYSE: CBG), represented the seller in the Deal of the Week, and Chris High and JP Huntington, of Cushman & Wakefield, acted as market specialists.
The buyer represented itself.
The deal was the sale of the 38,679-square-foot Governor Plaza office building in Governor Park at 5151 Shoreham Place, San Diego, for $8,125,000.
The buyer was Shoreham Place LLC, c/o Transwestern 6815 Flanders Drive, Suite 155, San Diego 92121. BV/PEP Shoreham Place LLC, is the member of the buyer and Shoreham Place CGA LLC is the manager of BV/PEP. Carl Groner is the manager of Shoreham Place CGA.
The acquisition was financed with a loan of $5.65 million from California Bank & Trust.
The seller of the property was 5151 Shoreham Place-GP LLC, with CMN Master LLC as the sole member. Cuzan Monroe Investments is the manager of CMN Master, and Dennis Cruzan is the member of Cruzan Monroe.
The two-story office building was built in 1984 on 2.41 acres and was 73.4 percent leased at the time of sale.
In mid-2012, the building at Shoreham and the 48,404-square-foot building in Sorrento Mesa at 5404 Morehouse Drive were sold for combined $13.8 million.