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12/18/14
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Polidev Investments Inc closed on the acquisition of Genesee Plaza, a 161.2k sf, multi-tenant office and medical office campus located in San Diego’s “strongest institutional submarket”, University Town Center. The property was sold by DivcoWest.
Genesee Plaza, which was recently renovated in 2012, consists of two four-story buildings (including the plaza level) and a two-level, 577-space subterranean parking garage. The property is 92.6 percent leased and situated on 3.63 acres at 9333 and 9339 Genesee Ave, at the corner of Executive Dr and Genesee Ave in the heart of the University Town Center submarket. The property is close to Westfield UTC Mall, the University of California – San Diego Thornton and Scripps Memorial Hospitals. Genesee Plaza also has easy access to San Diego’s major freeways including Interstate 5 and 805.
Nick Psyllos, Ryan Gallagher, Michael Leggett, Nick Frasco, and Kara Mathis of HFF represented the seller in the deal. HFF’s Jordan Angel and Aldon Cole arranged the acquisition financing for the buyer.
“University Town Center is San Diego County’s premier location for medical facilities, research and ancillary medical office uses,” said Psyllos. “Between 2013 and 2016, an estimated $1.9 bil in medical facilities will have been developed in UTC.”
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