Polidev Investments Acquires Office/MOB Asset in University Town Center

Polidev Investments Inc. recently completed the acquisition of a San Diego office and medical office campus located in the city’s University Town Center submarket. Seller DivcoWest worked with real estate company HFF to market the property, with HFF also being responsible with closing the transaction. Polidev also worked with HFF in securing the necessary financing for the acquisition of Genesee Plaza.

Polidev Investments Inc. recently completed the acquisition of Genesse Plaza, a 161,184-square-foot office and medical office campus located in San Diego’s University Town Center submarket. HFF marketed the property for the seller, DivCo West, and secured acquisition financing for Polidev.

HFF’s team for the transaction was led by senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, director Nick Frasco, and senior real estate analyst Kara Mathis. The debt placement team that worked to secure financing on behalf of Polidev was led by director Jordan Angel and senior managing director Aldon Cole.

Genesse Plaza is a multi-tenant office and medical office campus located in one of the city’s strongest submarkets. The asset was renovated in 2012 and includes two four-story office buildings, as well as a two-level, 577-space subterranean parking facility, on a 3.6-acre site at 9333 and 9339 Genesse Avenue.

The property is located near a variety of major institutions and attractions, including Westfield UTC Mall, the University of California at San Diego, and Thornton and Scripps Memorial Hospitals. Interstates 5 and 805 provide access to Genesee Plaza.

The UTC submarket is a hotbed for growth in the medical sector; the pipeline for the period 2013 to 2016 totals $1.9 billion worth of development, noted Psyllos. “University Town Center is San Diego County’s premier location for medical facilities, research and ancillary medical office uses,”  Psyllos said in a statement.

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