July 9, 2019
JLL Income Property Trust acquired Genesee Plaza, a 161,184-square-foot Class A, two-building medical office campus in San Diego from Polidev Investments, Inc. for roughly $90 million. Located in University Town Center, the property is near freeways, retail and restaurants, as well as the UC, San Diego and Scripps Hospital Campuses.
JLL Income Property Trust’s Allan Swaringen says, “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. Our focus on reducing risk within our portfolio as we get later in the current economic cycle stems from our investment objectives to deliver stable income and protect stockholder value.”
The medical office sector is viewed as a defensive, low beta real estate investment strategy for late cycle investing by LaSalle Investment Management’s Research & Strategy group.
JLL’s Bob Prendergast, Lynn LaChapelle and Sach Kirpalani represented the seller.
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser