Two local real estate firms are partnering up to run the main retail portion of San Diego’s mixed-use Liberty Station development in Point Loma.
Irvine-based Pendulum Property Partners last December paid about $160 million to buy the 327,000-square-foot retail portion of Liberty Station in a venture with Southfield, Mich.-based Seligman Group.
Seligman reportedly used some of the funds from its 2018 sale of Anaheim’s Axis creative office campus—sold to Pendulum, in a separate $83.1 million deal—to help buy the Liberty Station project, which was built on a former Navy training center.
Pendulum last month said it had brought on a second Orange County firm, Newport Beach-based commercial property manager RiverRock Real Estate Group to head the San Diego asset.
The retail space at Liberty Station includes more than 85 tenants, including Vons, Stone Brewing World Bistro & Gardens, Trader Joe’s and a food hall.
RiverRock also manages a separate part of the complex, the NTC Foundation’s Arts District property, which has nearly 140 tenants and runs about 215,000 square feet. That part of the development includes museums, artist studios, and restaurants.
Pendulum capped last year with a trio of large acquisitions totaling about $370 million; along with Liberty Station and Axis it also paid $124 million for Huntington Beach’s One Pacific Plaza, a multibuilding office complex just off the San Diego (405) Freeway that holds the headquarters of BJ’s Restaurant & Brewhouse and others.
One Pacific Plaza recently got another large tenant, according to CoStar Group Inc. records: Landmark Health LLC, a provider of in-home medical and senior care services.
It’s leasing nearly 18,000 square feet at the 7755 Center Ave. building there, according to CoStar.
Pendulum Property was formed in 2016 by Kevin Hayes, the former local head of Dallas-based developer and investor Lincoln Property Co.
