(Mark Your Calendars: RealShare MEDICAL OFFICE BUILDINGS, November 14-15 in Scottsdale, AZ).
SAN DIEGO-Locally based Trigild Inc. revealed that it will assume day-to-day management of the 159,000-square-foot Genesee Executive Plaza, an office complex comprised of two, three-story class A office/medical buildings located at 9333 and 9339 Genesee Ave. The buildings are located in the Golden Triangle/University Towne Center neighborhood of San Diego.
Originally constructed in 1983, the 3.6-acre property went through foreclosure in May of this year. The buildings recently sold for $46.8 million to Divco West Properties, an investment firm with offices in San Francisco and Boston.
The property is now 68% leased, with major tenants include Fed Ex, IGO Medical Group, Genesis Healthcare and the Regents of the University of California.
According to Trigild president and CEO Bill Hoffman, Trigild has been tapped by Divco to
“spearhead day-to-day activities, such as responding to tenant inquiries, overseeing vendors, reporting and maintenance.”
Hoffman points out that “The new owner has plans to upgrade and improve all common areas, including restrooms, lobbies and the courtyard, as well as expand office space.” He adds that “Trigild will direct and manage these improvements, focusing on taking the property—which is a top quality asset ideally located in a prime San Diego locale with easy access to all freeways—to the next level,” he says.
According to a recent San Diego office research report by Marcus & Millichap, renewed employment growth has yet to translate into meaningful occupancy gains for the San Diego office market this year, “as businesses are first backfilling under-utilized space before considering expansion, an occurrence likely to take hold in 2012.” However, the report predicts that vacancy in the San Diego office market will improve 60 basis points this year to 18%, a turnaround from the 60-basis-point rise recorded in 2010.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
