Colliers International Sells 159,425-Square-Feet Medical Office Building in San Diego, Calif.
San Diego, CA – November 10, 2011 – (RealEstateRama) — 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, 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”). The campus, just blocks away from Scripps Memorial Hospital La Jolla 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.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
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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
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
