San Diego Business Journal

Del Mar Firm Buys Two Office Properties for $13.8M

By Lou Hirsh Friday, June 22, 2012

Property investment firm Cruzan Monroe of Del Mar has purchased two San Diego office buildings for a total of $13.8 million, CoStar Group reported June 19.

The company acquired a 37,149-square-foot building in the Governor Park submarket, and a 48,404-square-foot property in Sorrento Mesa. The seller was Janez Properties Inc. of San Diego, and the deal closed in late May.

The Governor Plaza building, at 5151 Shoreham Place, was built in 1984. The Sorrento Mesa building, at 5405 Morehouse Drive, was built in 1988, and both properties were more than 90 percent leased at the time of sale, according to CoStar.

Brokerage firm Cushman & Wakefield Inc. represented the buyer and seller.