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| Kevin Hayes |
Irvine, CA (June 11, 2017) – Pendulum Property Partners (Pendulum), a fully
integrated commercial real estate firm based in Southern California, recently
acquired StoneCrest, a Class-A office campus centrally located in San Diego
County.
StoneCrest totals 327,204 square feet and consists of four
institutional quality office buildings that range from three to six stories in
the Kearny Mesa submarket.
According to Kevin Hayes, Founding Partner at Pendulum, “StoneCrest marks our first San Diego acquisition and is part of our 2018 strategy to expand our presence into the region.
According to Kevin Hayes, Founding Partner at Pendulum, “StoneCrest marks our first San Diego acquisition and is part of our 2018 strategy to expand our presence into the region.
StoneCrest is among the highest quality assets in Kearny Mesa,
which has the lowest overall office vacancy rate in the county and is poised
for significant long-term growth. We plan to make improvements to the property
that will enhance the experience for our customers.”
Pedulum purchased the property, in an off-market transaction, for $100.3 million and plans to make cosmetic upgrades including: improvements to the hardscape, adding comfortable seating to the courtyard, updating lobbies, restrooms and common areas, modernizing the fitness center, and improving the on-site food offerings with upgrades to the existing deli and the addition of local food trucks to offer more variety.
The property is currently 92.7% occupied, providing secure in-place cash flow, by a recognized mix of local and national tenants including Blue Cross Blue Shield, Mercury Insurance, Vitas Healthcare, and ACE Insurance.
Pedulum purchased the property, in an off-market transaction, for $100.3 million and plans to make cosmetic upgrades including: improvements to the hardscape, adding comfortable seating to the courtyard, updating lobbies, restrooms and common areas, modernizing the fitness center, and improving the on-site food offerings with upgrades to the existing deli and the addition of local food trucks to offer more variety.
The property is currently 92.7% occupied, providing secure in-place cash flow, by a recognized mix of local and national tenants including Blue Cross Blue Shield, Mercury Insurance, Vitas Healthcare, and ACE Insurance.
StoneCrest is Pendulum’s fifth Southern California-based acquisition in the
past 18 months, proving the company’s commitment to this region.
Pendulum’s other acquisitions total more than $250 million and include:
Jamboree Business Center in February 2017, a 156,000 square foot office building in Irvine; Peter’s Landing in September 2017, a 94,000 square foot marina-front office and retail project in Huntington Beach; Brickyard in September 2017, a 12 acre site in Ontario entitled for an entertainment/retail district; and Stadium Crossings in December 2017, a 165,000 square foot campus in Anaheim.
Jamboree Business Center in February 2017, a 156,000 square foot office building in Irvine; Peter’s Landing in September 2017, a 94,000 square foot marina-front office and retail project in Huntington Beach; Brickyard in September 2017, a 12 acre site in Ontario entitled for an entertainment/retail district; and Stadium Crossings in December 2017, a 165,000 square foot campus in Anaheim.
For more information, please contact:
Stacey Kaszton Jones
Direct - (213) 925-8177
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