San Diego-based Janez acquired the property in a joint venture with El Segundo, CA-based PCCP LLC. Janez and PCCP acquired the two-building, 90% leased office plaza through an affiliate, PCCP Janez Genesee, LLC, according to Janez. The seller of the property, Arden Realty, was represented by Eastdil Secured. Janez represented itself in the transaction.

GE Capital provided financing for the acquisition, but Janez executives declined to offer details on the arrangement, only to say that the loan term was in the range of five years.Located on a 3.6-acre site in the Golden Triangle/UTC submarket at 9333 and 9339 Genesee Ave., the Genesee Plaza consists of two, three-story, 80,000-sf office buildings, constructed with steel frame and glass exterior in 1983. Major tenants include Fed Ex, IGO Medical Group and First Pacific Bank.

Office demand in the Golden Triangle/UTC has grown at 5% annually over the past decade, according to Ryan Gilbert, vice president of Janez. Gilbert says Janez is "bullish on San Diego," and specifically the Golden Triangle/UTC area because of the growing number of biotech and legal firms here. Genesee Executive Plaza is also close to the UCSD Medical Center and Scripps Memorial Hospital, and more than 30% of the plaza is zoned for medical use.