|
|
3/01/17
|
Pendulum Property Partners purchased a 156.3k sf office building in Irvine for $41.675 mil, or $267/sf. The deal marks the firm’s first acquisition since its inception seven months earlier.
Located at 5 Peters Canyon, the three-story, Class A office property is situated directly between The Market Place and The District, two of Orange County’s preeminent lifestyle retail centers that provide tenants with a wealth of amenities. It is also at the desirable intersection of Jamboree Rd and the 261 Toll Road junction, providing convenient transportation access and high visibility.
The property boasts an above-market surface-parking ratio of 4.6 per 1,000 square feet, which appeals to large corporate users. It has a high quality tenant mix including Medata Inc, Black & Veatch Corp, TRI Pointe Homes and Starwood Hotel & Resorts, with only 5% rollover before 2021.
The seller was represented by K.C. Scheipe and Adam Edwards with Eastdil Secured.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
