JLL Income Property Trust Pays $90M for San Diego MOB

Genesee Plaza is a two-building campus in the city’s University Town Center, close to the University of California, San Diego and Scripps Hospital campuses.
Genesee Plaza. Image courtesy of JLL

JLL Income Property Trust has acquired Genesee Plaza, a two-building medical office campus in San Diego. The acquisition closed at approximately $90 million and is part of the REIT’s strategy of reducing risk within its portfolio during the late-cycle economic landscape. With Genesee, the REIT’s $2.8 billion portfolio counts five medical office buildings.

The 158,341-square-foot property, which provides a small portion of retail space, is located at 9333 Genesee Ave., in San Diego’s University Town Center. According to Yardi Matrix data, previous owner Polidev paid DivcoWest $72 million for the property in 2014. 

Completed in 1983, Genesee Plaza was renovated in 2009 to include an on-site café, conference rooms and solar panels. The asset is close to the University of California, San Diego and Scripps Hospital campuses and can be accessed via Interstate 805. The JLL team of Bob Prendergast, Lynn LaChapelle and Sach Kirpalani represented Polidev in the transaction.

JLL Income Property Trust is known to be not only a timely buyer but also a timely seller. At the beginning of the year, the REIT sold one of its best-performing office assets, 111 Sutter Street in San Francisco, for $227 million to Harbor International Group and Paramount Group.