Pendulum Acquires $46M OC Mixed-Use
- Dec 15, 2017
Pendulum Property Partners and Long Wharf Capital have acquired Stadium Crossings, a mixed-use property in Anaheim, Calif., for $46 million. The joint venture purchased the asset through an auction process led by Newmark Knight Frank.
Located at the intersection of East Katella Avenue and North State College Boulevard, the 165,000-square-foot Stadium Crossings features one four-story, multi-tenant office building; two stand-alone restaurants; a pad site formerly occupied by a bank; a food court and a church. Major tenants include Starbucks, Baskin Robbins, Denny’s, Panda Express, Togo’s and Carl’s Jr. Pendulum plans to lease the vacant pad site, as well as undergo select cosmetic updates throughout the property.
“The acquisition of Stadium Crossings fits perfectly within Pendulum’s investment strategy of acquiring well-located office and retail properties with value-add potential and limited downside risk,” Brian Walker, partner at Pendulum, told Commercial Property Executive. “With occupancy over 90 percent, the property provides a stable income stream, as well as the ability to add value through lease up of the vacant pad site and improvements to the common areas. Pendulum will add additional value through lease up of the vacant pad site, as well as upgrades to the landscaping and common areas of the project.”
At the center of the Platinum Triangle, the property offers convenient access to the 55 freeway, Interstate 5 freeway and the Axis office campus, which Pendulum operates.
Stadium Crossings is Pendulum’s fourth acquisition this year, bringing its total volume to more than $140 million in 2017. Other purchases included Jamboree Business Center in Irvine, Calif.; Peter’s Landing in Huntington Beach, Calif., and Brickyard in Ontario.
Image courtesy of Pendulum Property Partners