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$30M Century Park Sale Closes

SAN DIEGO-Less than a month after the joint venture entity of Shelbourne Properties I Inc. and Shelbourne Properties II Inc. entered into a contract to sell the Century Park I office park, the JV sews up the transaction with buyer Cruzan / Monroe.

By Erin Cassin | Updated on April 30, 2003

SAN DIEGO-Less than one month after the joint venture entity of Shelbourne Properties I Inc. and Shelbourne Properties II Inc. entered into a contract to sell the Century Park I office park in Kearny Mesa, the JV has sewn up a $29.8-million deal with buyer Cruzan/Monroe.

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.

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