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.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
Follow us at www.twitter.com/colliersgla.
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