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June 17, 2018
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Mixed-User in Anaheim Picked up in $46 Mil Deal

12/15/17

A partnership between Pendulum Property Partners and Long Wharf Capital LLC has acquired Stadium Crossings, a 165k sf, mixed-use property in Anaheim. The property, located at 2005-2105 East Katella Ave, at the intersection with North State College Blvd, was sold by CW Capital, as a special servicer for a CMBS loan, for $46 mil.

The project 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 Fwy and I-5 freeway, and in close proximity to the AXIS office campus that Pendulum operates.

Stadium Crossings was purchased 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.

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.

Sean Fulp, Paul Jones and Kevin Shannon of Newmark Knight Frank represented CW Capital in the deal.

Stadium Crossings is Pendulum’s fourth acquisition this year and the third with a total capitalization in excess of $40 mil dollars, bringing its total acquisition volume to over $140 mil 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 94k sf 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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