SAN DIEGO, July 1 /PRNewswire/ -- San Diego-based Janez Group announced
yesterday that it has acquired the 159,000-square-foot Genesee Executive
Plaza at 9333 and 9339 Genesee Ave. in the La Jolla Golden Triangle area of
San Diego for $56 million in a joint venture with PCCP, LLC, an integrated
real estate finance and investment management firm based in El Segundo,
Calif. Janez and PCCP acquired the two-building, 90 percent leased,
multi-tenant office plaza through an affiliate, PCCP Janez Genesee, LLC.
The seller of the property, Arden Realty, was represented by Eastdil
Secured. Janez represented itself in the transaction.
Located on a 3.6-acre site, Genesee Executive Plaza consists of two
three-story, 80,000-square-foot office buildings. Major tenants include Fed
Ex, IGO Medical Group and First Pacific Bank. Genesee Executive Plaza is
also in close proximity to UCSD Medical Center and Scripps Memorial
Hospital and more than 30 percent of the plaza is zoned for medical use and
leased to many of La Jolla's leading medical professionals.
Janez plans to implement capital renovations and improvements that will
enhance the plaza's attractiveness to current and future tenants,
especially the growing bank of medical professionals in the Golden Triangle
area. According to Janez Vice President Ryan Gilbert, the business plan
calls for increasing cash flow and improving the facility with the addition
of a new roof, upgraded elevators and other energy efficiencies.
"Office demand in the Golden Triangle has increased steadily, growing
at 5% percent annually over the past decade," said Gilbert. "We believe the
close proximity to leading medical centers in San Diego will continue to
drive office occupancy over the long-term."
"The purchase price of $56 million or $350 per square foot is
attractive and we believe offers long-term upside," added Gilbert. "In
addition, GE Capital provided favorable financing for the acquisition."
From its San Diego headquarters, Janez has been actively seeking
acquisitions throughout the West and has recently acquired suburban office
and industrial properties in Houston, Denver and Phoenix.
The Janez Group is a diversified real estate firm, specializing in the
acquisition, development and management of commercial real estate in
Southern California. For more information, visit http://www.Janezgroup.com.
[Via Real Estate California]
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