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| Laura Stumm |
Los Angeles, CA (June 1, 2021) – Pendulum Property
Partners (Pendulum), a fully integrated commercial real estate
investment firm based in Southern California, has officially acquired 2901 W
Alameda Avenue (“The Link”) in Burbank, California in the nexus of
Burbank’s exclusive Media District.
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| 2901 W Alameda Avenue (“The Link”), Burbank, CA |
The purchase of this 124,785 square foot property demonstrates the
company’s commitment and approach to the region, marking its first Los Angeles
acquisition since opening the LA office in September 2020.
 |
| Dan Wagman |
“This is a key acquisition for Pendulum in the post-COVID
environment and an exciting first deal for our LA office,” said Dan Wagman,
Partner of Pendulum Los Angeles.
“The Property is an
amazing home for media and post-production users seeking state-of-the-art
facilities at main-and-main in Burbank, one of LA’s – and the country’s –
strongest submarkets.”
The Link is proximate to more than 640 acres of motion picture and
television studio lots and 700 media-related companies (including Warner Bros.,
Disney, Comcast’s NBC Universal, DreamWorks, Netflix, and others).
 |
| Kevin Hayes |
The property recently
underwent an extensive $5.9 million renovation providing an ideal blend of
Class A creative office space and best-in-class post-production, broadcasting,
screening, and editing facilities.
The Property also boasts the following features:
- Enterprise-grade
dark fiber optical connectivity, ideal for media companies
- High
ceiling heights (13’ to 18’)
- Redundant
power and above standard electrical service
- On-site
parking at >3.0 / 1,000 square foot ratio
- State-of-the-art
lobby
- 2,500
square-foot collaborative outdoor courtyard
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| Kevin Shannon |
“The Link underscores Pendulum’s 2021 strategy to invest in
high-quality commercial properties in highly sought-after locations that serve
growing industries in need of state-of-the-art collaborative spaces,” says Kevin
Hayes, Chief Executive Officer of Pendulum.
“We believe in the Los
Angeles market today and long-term and are excited to continue to grow our
presence through further acquisitions.”
Currently, the Burbank Class A office market is the strongest and
most resilient submarket in Southern California.
In June 2020, the film and television industry was deemed an
essential service and studios ramped up production of streaming content, which
rendered the majority of buildings 100 percent occupied.
 |
Rob Hannan
|
Upon purchase, The Link was 76 percent occupied and Pendulum
expects to fully stabilize the Property shortly.
While this is Pendulum’s first LA-based acquisition, the company’s overall
acquisitions have totaled more than $850 million and nearly 2
million square feet since its founding in 2016.
The Newmark team of Kevin Shannon, Rob Hannan, Ken White, and
Laura Stumm helped coordinate the sale, while the Newmark team of David
Milestone and Brett Green arranged the financing.
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.
 |
| Ken White |
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 enable it to create true
investment value for its customers and partners.
CONTACT:
717 LIDO PARK
DRIVE, SUITE D | NEWPORT BEACH, CALIFORNIA 92663
PendulumPP.com
