Wednesday, November 9, 2011
SAN DIEGO, CA, Nov. 9, 2011– Colliers International, the second largest global real estate services organization, has completed the sale of a 159,425-square-feet medical office building, Genesee Executive Plaza (top left photo), located at 9333 and 9339 Genesee Ave., San Diego, Calif. The transaction value remains confidential.
Fred Córdova, Senior Vice President/CART Western Regional Director, based in Colliers Downtown Los Angeles office, Mark McEwen, Senior Vice President, Tom Mercer, Senior Vice President, Paul Braun, Senior Vice President, and Chris Ross, Medical Office Specialist all based in Colliers’ San Diego office, and Ryan Eddy, Associate, in Colliers’ Downtown Los Angeles office represented the Seller.
The Buyer is a joint venture between DivcoWest and Stockbridge Capital Group, both real estate investment management firms, based in San Francisco, Calif.
Built in 1984, Genesee Executive Plaza’s twin three-story buildings sit on a below grade central courtyard and are situated on 3.63 acres at the epicenter of San Diego’s most prestigious submarket, University Town Center (“UTC”). (middle right photo)
The campus, just blocks away from Scripps Memorial Hospital La Jolla (middle left photo) and UCSD Thornton Hospital, has recently been approved for an additional 22,500 square feet of medical office space, for a total of ±72,500 square feet of medical office.
With occupancy at 58% and high barriers to entry in the submarket, Genesee Executive Plaza presents a truly unique opportunity for Divco and Stockbridge to reposition the asset as the UTC’s premier health and professional services center.
“Genesee Executive Plaza presents a unique value-add opportunity to create the preeminent medical office and health services campus in the dynamic UTC submarket of San Diego,” said Córdova.
“Colliers put together an experienced team of financial, project management, office and medical office leasing specialists, and enlisted the expertise of global architecture and design firm Gensler to assist with this challenging assignment.”
“The UTC submarket is well-situated for a repositioning program from pure office to medical office due to its proximity to Scripps and UCSD Medical Centers,” added Mercer, who signed the first lease in the building when it was built as a Senior Leasing Specialist.
Angela S. Hwang
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Irvine, CA,Nov.9, 2011 – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $15.43 million sale of a 76,712-square-foot single-tenant retail property occupied by Kohl’s (top left photo) in Upland, Calif.
Built in 1978 and renovated in 2009, the property is situated on just under seven acres at 233 S. Mountain Ave. The property is located within Mountain Green center that includes other retailers such as Trader Joes and CVS.
Rich Walter (middle right photo), president, and Donald MacLellan (middle left photo), senior managing director, of Faris Lee Investments represented the seller, a Lubert –Adler Management West partnership based out of Los Angeles, as well as the buyer, YFP Kohls Upland LLC, also from Los Angeles.
“Faris Lee obtained multiple offers on this property as it offered the stability of a long-term lease with Kohl’s which has approximately 17 years remaining,” said MacLellan. “We focused on the credit and strength of Kohl’s and the strong rental growth based on a near-term rental increase.”
“Faris Lee has extensive experience in successfully marketing credit net leased investments including portfolios that have included Kohl’s, Best Buy and Burlington Coat Factory. We are uniquely qualified to strategically market and brand the strength of the tenant as a highly successful retailer,” said Walter.
The Kohl’s property enjoys excellent visibility along Mountain Avenue with 44,000 cars per day that pass by, and is easily accessed by the adjacent I-10 Freeway that is driven by 248,000 cars per day. Additionally, there are approximately 450,000 consumers in the greater trade area.
The City of Upland has a population of 75,000 and is nestled at the base of the San Gabriel
Mountains just east of the densely populated San Gabriel Valley of Los Angeles County. Upland measures 15.84 square miles, and has a public library, an 18-hole golf course, and 13 community parks with year round activities. There are 11 colleges within a 15-mile radius of the City.
For more information, please visit http://www.farislee.com/.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224, For Faris Lee Investments