Located at the corner of Balboa Ave. and the 163 Freeway, Century Park I is comprised of three facilities that stand at 8315, 8330 and 8335 Century Park Ct. The two-story buildings, which encompass a total of 204,000 sf, are currently being used as SDG&E's corporate headquarters.

Buyer Cruzan / Monroe plans to hold the asset as an investment. The acquisition marks the company's third San Diego County purchase in the past six months, as the firm has also picked up the 265,000-sf Prescott Industrial Park located in Oceanside and Downtown San Diego's TR Produce building. "Century Park fits well into our business plan of acquiring functional and well-located office and industrial parks," says Cruzan / Monroe principal Philip Monroe. "We have an excellent tenant with SDG&E and the price for the property represents excellent value given the project's location, quality of construction and 100% occupancy status," he adds.

Seller Century Park I Joint Venture, which was assisted in the transaction by Broad Street Advisors LLC, used the majority of the sale proceeds to satisfy the debt encumbering the property and pay other closing costs. After settling those costs, the seller is now left with net proceeds of approximately $9.3 million, which will be split between Shelbourne Properties I Inc. and Shelbourne Properties II Inc.