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