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Janez Acquires La Jolla/Golden Triangle Property From Arden Realty for $56 Million

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2008-07-01 06:09:21     
Janez Group

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.

Specialized in: Janez - La Jolla - Golden Triangle Property - Arden Realty
URL: http://www.janezgroup.com
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