{"id":1004034082,"date":"2011-11-10T02:09:14","date_gmt":"2011-11-10T10:09:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034082"},"modified":"2022-12-08T13:23:39","modified_gmt":"2022-12-08T21:23:39","slug":"divcowest-stockbridge-capital-jv-on-47m-san-diego-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-stockbridge-capital-jv-on-47m-san-diego-office\/","title":{"rendered":"DivcoWest, Stockbridge Capital JV on $47M San Diego Office"},"content":{"rendered":"

November 10, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

Amid the rapidly improving San Diego office market, real estate investment firm DivcoWest and private CRE investor Stockbridge Capital Group have jointly completed the purchase of the 159,425-square-foot commercial- and medical-office complex Genessee Executive Plaza. The office, featuring twin three-story buildings, was acquired for $46.8 million \u2013 which included a $28 million loan from Bank of America.<\/p>\n

Stuart Schiff, CEO of DivcoWest, said the asset has \u201can existing prominent identity\u201d in the city, as it sits \u201cin a prestigious submarket and we see the potential to add future value.\u201d <\/p>\n

Built in 1984, Genessee occupies 3.63 acres in the University Town Center submarket of San Diego. In June 2009, the property underwent a $1.2 million capital-improvement renovation.<\/p>\n

A market report by Voit Real Estate Services pegs the San Diego market as an improving one. The firm noted that, in the third quarter of 2011, the city\u2019s office sector posted 468,008 feet of positive absorption, a marked improvement from the previous quarter\u2019s negative net absorption. Chris Wood, managing director of Voit\u2019s San Diego office, called the trend \u201ca strong indication that the market is stabilizing\u201d and said he expects \u201cto see a bump in activity\u201d because \u201cconfidence will return quickly.\u201d <\/p>\n

Genesee Executive Plaza is currently 69 percent leased with less than 17 percent of the occupancy rolling in the next three years.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a $47 million transaction, DivcoWest and Stockbridge Capital have teamed up to acquire the 160,000-square-foot Genessee Executive Plaza in the University Town Center submarket in San Diego. <\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21783,21742,21747,15],"tags":[],"class_list":["post-1004034082","post","type-post","status-publish","format-standard","hentry","category-corporate-real-estate","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nDivcoWest, Stockbridge Capital JV on $47M San Diego Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-stockbridge-capital-jv-on-47m-san-diego-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DivcoWest, Stockbridge Capital JV on $47M San Diego Office\" \/>\n<meta property=\"og:description\" content=\"In a $47 million transaction, DivcoWest and Stockbridge Capital have teamed up to acquire the 160,000-square-foot Genessee Executive Plaza in the University Town Center submarket in San Diego.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/divcowest-stockbridge-capital-jv-on-47m-san-diego-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-10T10:09:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:23:39+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-stockbridge-capital-jv-on-47m-san-diego-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-stockbridge-capital-jv-on-47m-san-diego-office\/\",\"name\":\"DivcoWest, Stockbridge Capital JV on $47M San Diego Office - 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