Four Governor Park, a 50,452-square-foot office property located in San Diego’s prestigious Golden Triangle, has hit the market for sale for $12,652,000 or roughly $250 per square foot. The property, located at 5080 & 5090 Shoreham Pl., is being marketed by Matt Pourcho and Matt Harris from CBRE’s San Diego office on behalf of its owner MIG Real Estate.
Situated in the heart of San Diego’s most dense concentration of Fortune 500 companies, Four Governor Park is surrounded by tech giants such as Apple, Amazon, Google, Scripps, Qualcomm, LPL Financial, the Salk Institute, Illumina, Pfizer, and many other leading technology, biotech, and professional services firms, according to the property marketing documents. This location has made Governor Park the third lowest vacancy rate in Central San Diego at 7 percent, with the overall Golden Triangle office market sitting at a low 5 percent vacancy rate.
The property offers a balanced tenant expiration schedule, according to CBRE, with the largest tenant accounting for only 12 percent of the project. The average suite size of 2,202 square feet is in line with San Diego’s office demand since 90 percent of San Diego companies are comprised of 15 employees or less, averaging between 2,000 and 4,000 square feet.
Based on current zoning, the 2.7-acre site can accommodate several different development options, with a maximum on-site density of approximately 235,000 square feet. A development scenario, provided by Carrier Johnson, complements the site with a four-story, ± 100,000 square foot life sciences facility.
Governor Park’s central location in the Golden Triangle of Central San Diego offers great connectivity to all surrounding submarkets such as UTC, Kearny Mesa, Sorrento Mesa, and Miramar. It is only ½ mile from the 805 Freeway and less than 10 minutes from every major San Diego freeway, making it easily accessible to many of San Diego’s residential communities, including La Jolla, Del Mar, and Rancho Santa Fe.
The project is surrounded by nine retail power centers totaling over 800,000 square feet of retail amenities, all within a short driving distance. Governor Park is also known for its food truck amenity base, allowing tenants to enjoy diverse cuisines without driving far from the property itself.
Newport Beach, Calif.-based MIG Real Estate, a privately held real estate investment and development firm, invests in and develops high-quality multifamily, hotel, retail, and industrial/flex properties located in the Western U.S. and Sunbelt states, according to its website. The company owns and operates over 10 million square feet of retail, office, and industrial/flex uses, more than 1,740 hotel keys, and over 6,800 multifamily units.
