JLL Buys San Diego Medical Office for $90M

JLL Income Property Trust has acquired Genesee Plaza, a two-building medical office property in San Diego, for $90 million. The property traded hands below replacement cost. The name of the seller was not disclosed.

Located in University Town Center near the University of San Diego and Scripps Hospital Campuses, Genesee Plaza is near major highway systems and has strong surrounding daytime foot traffic from local businesses.

JLL has pinpointed the medical office sector as a strong late cycle investment opportunity. The firm’s medical office portfolio is now at 93 buildings with an aggregate value of over $2.5 billion.