Genesee Plaza is a Class A, two-building medical office campus in San Diego, California. The property was acquired below its estimated replacement cost for approximately $90 million.
Investment Rationale
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Genesee Plaza is located at a prominent intersection in San Diego’s University Town Center benefiting from access to major highway systems and a strong surrounding daytime foot traffic from local businesses.
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The property’s location is in close proximity to the University of California, San Diego and Scripps Hospital Campuses.
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The property’s coastal infill location has seen severe supply constraints with high barriers to entry from both geographic barriers and zoning restrictions.
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The acquisition of Genesee Plaza is a strong fit for JLL Income Property Trust’s focus on medical office buildings as they have historically featured higher tenant retention and delivered stable income.
Property Gallery
Location
![Genesee Map](https://jllipt.imgix.net/uploads/properties/genesee-plaza/map/Genesee_map.jpg?auto=format%2C%20compress&ch=DPR&crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&ixlib=php-3.3.1&w=400&s=2698c839049c1b634633b52b49bcd2c9)