Pendulum Property Partners Acquires Anaheim Mixed-Use Property via Auction
Coveted Site Marks Firm’s Fourth Acquisition in 2017
Irvine, CA (December 12, 2017) – Pendulum Property Partners (Pendulum), a fully integrated real estate firm based in Orange County, and Boston-based Long Wharf Capital LLC, recently acquired the coveted Stadium Crossings mixed-use commercial property, located at the intersection of East Katella Avenue and North State College Boulevard in Anaheim, through an auction process led by brokerage firm Newmark Knight Frank. As one of the last remaining commercial properties controlled by a special servicer in Orange County, Stadium Crossings attracted a lot of attention from top firms but few were able to navigate the challenging auction process. Pendulum’s ability to conduct up-front due diligence and make an initial hard deposit enabled them to prevail.
The project totals 165,000 rentable square feet and consists of 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. Stadium Crossings is in the center of the Platinum Triangle between the 55 freeway and Interstate 5 freeway, and in close proximity to the AXIS office campus that Pendulum operates.
According to Brian Walker, Partner at Pendulum, “The Platinum Triangle has experienced tremendous growth in recent years. It is now home to over 4,000 multifamily units and a very healthy and diverse commercial tenant base. Stadium Crossings is well positioned to capitalize on this continued growth due to its strategic location at the corner of Katella and State College, 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.”
In addition to its desirable location, the property houses six nationally recognized retail tenants including Starbucks, Panda Express, Baskin Robbins, Togo’s, Denny’s and Carl’s Jr. Pendulum will add additional value through lease up of the vacant pad site as well as select cosmetic upgrades throughout the project.
Stadium Crossings 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.
About Pendulum Property Partners:
Pendulum Property Partners (Pendulum) is a fully integrated, privately held real estate firm that owns, operates, develops and manages commercial and multi-family real estate. Led by an established team, Pendulum offers a wealth of experience delivered with high-touch, personalized service. Pendulum specializes in creating and executing upon value-add strategies utilizing its extensive real estate operating expertise. Pendulum services include: Acquisitions and Dispositions, Asset Management, Property Management, and Construction & Development. Its pricing discipline and keen understanding of the capital markets and market fundamentals enables it to create true investment value for its customers and partners. Visit PendulumPP.com for more information.
About Long Wharf Capital LLC
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s launch in 2011, the team has invested over $750 million of equity in more than 45 investments across the U.S. Including experience prior to forming Long Wharf, the team has invested nearly $3 billion of equity in more than 200 investments representing over $10 billion in gross asset value. For further information, visit: www.longwharf.com.