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.