San Diego Business Journal

UTC Office Buildings Sell for $46.8 Million

Wednesday, November 2, 2011

A San Francisco-based investment firm has purchased the two-building Genesee Executive Plaza, in the University Towne Center submarket, for $46.8 million.

According to CoStar Group, the buyer was Divco West Properties, doing business as Genesee Executive Plaza LLC, which financed the acquisition with the help of a $28 million loan from Bank of America.

The seller was General Electric Credit Equities Inc. of Connecticut, and the transaction closed on Oct. 17. General Electric’s capital division had previously purchased the buildings in May for $32.5 million, as part of a foreclosure process involving the prior owner, according to CoStar.

The buildings are at 9333 and 9339 Genesee Ave., each with 79,500 square feet of space and both built in 1983. Tenants include FedEx Corp. and Sunset Parking Service Inc.

— Lou Hirsh