Wednesday, December 24, 2014

HFF closes sale of and arranges acquisition financing for Class A office and medical office campus in San Diego’s University Town Center


       Genesee Place, University Town Center, 9333 and 9339 Genesee Avenue, San Diego, CA
                                            

Kara Mathis

SAN DIEGO, CA – HFF announced it has closed the sale of and arranged acquisition financing for Genesee Plaza, a 161,184-square-foot, multi-tenant office and medical office campus located in San Diego’s “strongest institutional submarket”, University Town Center. 

HFF marketed the property on behalf of the seller, DivcoWest.  Polidev Investments, Inc. purchased the complex and was assisted by HFF in securing acquisition financing.

               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 Avenue at the corner of Executive Drive and Genesee Avenue in the heart of the University Town Center submarket.

Nick Psyllos
 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.

               The HFF investment sales team representing the seller was led by senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, director Nick Frasco, and senior real estate analyst Kara Mathis.

               The HFF debt placement team representing the buyer was led by director Jordan Angel and senior managing director Aldon Cole.

               “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 billion in medical facilities will have been developed in UTC.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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