ANAHEIM, CA—A joint venture between Orange County-based Pendulum Property Partners and Boston-based Long Wharf Capital LLC has acquired Stadium Crossings, a 165,000-square-foot mixed-use commercial property here for what GlobeSt.com has learned is $46 million. The property was acquired during an auction process led by Newmark Knight Frank.
Stadium Crossings, located in the center of the Platinum Triangle between the 55 freeway and I-5 freewy at the intersection of East Katella Ave. and North State College Blvd., totals 165,000 rentable square feet and includes one four-story, multi-tenant office building, a food court, two stand-alone restaurants, a church and a pad site that was formerly occupied by a bank. One of the last remaining commercial properties controlled by a special servicer in Orange County, the property attracted a lot of attention from top firms; the sale was made after the JV conducted up-front due diligence and made an initial hard deposit on the property.
Pendulum tells GlobeSt.com the JV plans to stabilize the net-leased product in the asset to make those components solid investments for private and institutional investors. As it sells off pieces of the project, the owner's intent is to own and operate the office component for a longer-term hold with stable cash flow.
In a prepared statement, Brian Walker, partner at Pendulum, said Stadium Crossings is well positioned to capitalize on the Platinum Triangle's continued growth due to its strategic location, access to transportation and proximity to regional draws such as Angel Stadium and the Honda Center. “It is also one of only a few properties in the submarket that offers walkable amenities for its office tenants.”
The statement also indicated that Pendulum will add additional value through lease up of the vacant pad site as well as select cosmetic upgrades throughout the project. Stadium Crossings has six nationally recognized retail tenants including Starbucks, Panda Express, Baskin Robbins, Togo's, Denny's and Carl's Jr.
The asset is Pendulum's fourth acquisition this year and the third with a total capitalization in excess of $40 million dollars, bringing its total acquisition volume to over $140 million in 2017. Pendulum also closed on Jamboree Business Center in February, a 165,000-square-foot office building in Irvine; Peter's Landing in September, a 94,000-square-foot marina-front office and retail project in Huntington Beach; and Brickyard in September, a 12-acre site in Ontario entitled for an entertainment/retail district.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
