The HFF investment sales team representing the seller of the Deal of the Week 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 team representing the buyer was led by director Jordan Angel and senior managing director Aldon Cole.
The deal was the sale of Genesee Plaza, a 161,184-square-foot, multitenant office and medical office campus at 9333 and 9339 Genesee Ave., San Diego for $72 million.
The buyer was Genesee Plaza Holdings LLC, c/o Polidev Investments Inc. of San Francisco.
The seller was Genesee Executive Plaza LLC, with Steve Novick as authorized signatory. The seller is a joint venture of DivcoWest, and Stockbridge Capital Group LLC, both of San Francisco.
The acquisition was financed with a $45 million loan from Cantor Commercial Real Estate Lending L.P. of New York City, arranged by HFF.
Genesee Plaza, recently renovated, consists of two four-story buildings (including the plaza level) and a two-level, 577-space subterranean parking garage. The buildings are 81,647 square feet (9339) and 79,500 square feet (9333).
The buildings were constructed in 1983 on 3.63 acres at the corner of Executive Drive and Genesee Avenue in the UTC (University Town Center) submarket.
The property is 92.6 percent leased, according to The CoStar Group.
HFF (Holliday Fenoglio Fowler, L.P.) is owned by HFF Inc. (NYSE: HF).