Genesis Plaza Sells for $10.45 Million

Encinitas/Carlsbad Prof Association GP purchased Genesis Plaza for $10.45 million. The 56,580-square-foot office building is located at 4995 Murphy Canyon Road in San Diego. The buyer paid approximately $185 per square foot for the 14-year-old facility. The fully leased building houses such tenants as Agilent Technologies and Hewlett-Packard. The four-story, Kearny Mesa office building produced an approximate cap rate of 9.25%. The buyer represented itself in the transaction. Mark McEwen of Colliers International represented the seller, Spectrum Huntington Center LLC, whose managing member is Layton-Belling & Associates.