Property Types Office
San Diego Office Complex Trades in $56M Deal
July 1, 2008
By: Barbra Murray, Contributing Editor

Ownership of Genesee Executive Plaza in San Diego has just changed hands, courtesy of a transaction valued at $56 million.

Janez Group teamed up with joint venture partner PCCP L.L.C. to grab the 159,000-square-foot office property from Arden Realty. Consisting of two three-story buildings encompassing approximately 80,000 square feet each, Genesee occupies a 3.6-acre parcel in the city's La Jolla Golden Triangle area. The complex is presently 90 percent leased to a bevy of businesses that includes FedEX, First Pacific Bank and IGO Medical Group. The property, about 30 percent of which is zoned for medical use, sits in an area that is a haven for the medical industry, with neighbors such as UCSD Medical Center and Scripps Memorial Hospital. Janez is planning a capital renovation program for Genesee to capitalize on the long-term upside potential of the property.

The joint venture secured financing for the acquisition, made through affiliate PCCP Janez Genesee L.L.C., from GE Capital. The partners represented themselves in the transaction, and real estate services firm Eastdil Secured stood in for Arden Realty.

Based in San Diego, Janez is a diversified real estate firm that specializes in the acquisition, development and management of commercial real estate in Southern California. The company is expanding its presence throughout the West, having recently purchased office and industrial properties in the Denver, Houston and Phoenix areas.

 
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