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Janez Acquires Genesee Plaza From Arden for $56M

SAN DIEGO-Janez is bullish on San Diego, specifically the Golden Triangle/UTC area because of the growing number of biotech and legal firms here.

By Don Jergler | Updated on July 02, 2008

SAN DIEGO-Janez Group has acquired the 159,000-sf Genesee Executive Plaza in the La Jolla Golden Triangle/ University Towne Center area for $56 million, or $350 per sf., the fourth San Diego-area property that Janez has acquired in the last two years, representing more than $100 million in investments in the area.

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.

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