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March 28, 2024
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SOUTHERN CALIFORNIA NEWS
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Seligman Group and Irvine-based Pendulum Property Partners Acquire Majority Retail Portion of Liberty Station

12/11/18

A 321k sf portion of Liberty Station, a mixed-use development in San Diego, was acquired by a partnership between Seligman Group and Irvine-based Pendulum Property Partners. The complex, offering coastal, urban, infill retail space with dual grocery anchors and a world-class marketplace, was sold by McMillin Companies, who will maintain ownership of some hotel and office assets within the Liberty Station campus.

Photo: Bill Robinson Photography
Photo: Bill Robinson Photography
Although the actual transaction price was not given out by the parties involved, industry sources are pegging the deal near $159 mil.

The Liberty Station sale comprises six separate assets that have a total of 20 buildings: The Marketplace, The Landing, Building 193, Harbor Square, North Chapel and the 16.16-acre Sail Ho Golf Course. The 92%-leased property is home to a variety of tenants, including Vons and Trader Joe’s, Liberty Public Market and more than 30 food and beverage outlets, including Stone Brewing World Bistro and Gardens, Buona Forchetta, Nekter, Tender Greens, Breakfast Republic, Soda & Swine and Starbucks.

Liberty Station is situated within the greater 360-acre Liberty Station masterplan, which includes 850 homes onsite; 350 hotel rooms; more than 400k sf of office space; a nearly 100-acre park-like arts district that is home to more than 120 museums and galleries; and the High Tech School campus with more than 3,500 students in their elementary, middle and high schools. The property is in a high-barriers-to-entry area at the heart of the affluent Point Loma area along the San Diego Bay about 2.5 miles from the San Diego Airport. The area boasts a daytime population of more than 90,000 within a three-mile radius along with approximately 94,000 residents earning an average annual income of $107,480.

HFF’s Gleb Lvovich, Bryan Ley and Tim Wright represented the seller, while Mike Moser of Retail Insite was the leasing expert. HFF’s Kevin MacKenzie, Wright and Brian Torp placed the 10-year, fixed-rate loan and negotiated payoff of an extremely complex in-place participating loan.






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