HFF closes sale of and arranges acquisition financing for Class A office and medical office campus in San Diego's University Town Center
SAN DIEGO, CA, December 17, 2014 - HFF announced today that 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. 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."
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
CONTACTS:
NICK PSYLLOS
Ca. Lic. #00788060
HFF Senior Managing Director
(858) 552-7690
npsyllos@hfflp.com
RYAN GALLAGHER
Ca. Lic. #01269918
HFF Senior Managing Director
(949) 253-8800
rgallagher@hfflp.com
ALDON COLE
Ca. Lic. #01457351
HFF Senior Managing Director
(858) 552-7690
acole@hfflp.com
JORDAN ANGEL
Ca. Lic. #01419993
HFF Director
(415) 276-6300
jangel@hfflp.com
KRISTEN MURPHY
HFF Associate Director, Marketing
(617) 338-0990
krmurphy@hfflp.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: HFF, Inc. via GlobeNewswire
HUG#1881432
