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7/09/19
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JLL Income Property Trust has acquired Genesee Plaza, a Class A, 160.5k sf two-building medical office campus in San Diego, for $90 mil ($559/sf). The complex is located at 9333-9339 Genesee Ave, north of Miramar Rd, roughly midway between I-5 and I-805.
The property was sold by Polidev Investments Inc, who was represented in the deal by JLL’s Bob Prendergast, Lynn LaChapelle and Sach Kirpalani. San Francisco-based Polidev acquired the asset four years for around $72 mil.
Genesee Plaza is situated at a prominent intersection in San Diego's University Town Center benefiting from access to major highway systems and a strong surrounding daytime foot traffic from local businesses. The property's location is in close proximity to the University of California, San Diego and Scripps Hospital Campuses. The property's coastal infill location has seen severe supply constraints with high barriers to entry from both geographic barriers and zoning restrictions.
As of the end of 2018, Genesee Plaza was 83% leased. Tenants at the medical/office property include IGO Medical Group, Dermatology/Cosmetic Laser and Trigild Management. San Francisco-based Polidev acquired the asset four years for around $72 mil.
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