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March 25, 2019
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San Diego Area Office Campus Traded in $100 Mil Deal


Pendulum Property Partners recently acquired StoneCrest, a 327.2k sf, Class A office campus centrally located in San Diego County, for $100.3 mil ($306/sf) in an off-market transaction. Situated in San Diego’s Kearny Mesa submarket, StoneCrest consists of four institutional quality office buildings that range from three to six stories in height.

Pendulum 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 by a recognized mix of local and national tenants including Blue Cross Blue Shield, Mercury Insurance, Vitas Healthcare, and ACE Insurance.

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.”

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 mil and include: Jamboree Business Center in February 2017, a 156k sf office building in Irvine; Peter’s Landing in September 2017, a 94k sf 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 165k sf campus in Anaheim.

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