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Irvine-based Pendulum Property Partners, a commercial real estate investor and developer that kicked off operations a little more than a year ago, ended 2017 with a bang.
The firm closed on the purchase of Stadium Crossings, a mixed-use property in the Platinum Triangle of Anaheim that totals about 165,000 square feet.
Stadium Crossings is at the intersection of East Katella Avenue and North State College Boulevard across the street from the Grove and Angel Stadium.
The four-story, multitenant office building encompasses 101,000 square feet and two stand-alone restaurants, a church, and a pad site formerly occupied by a bank.
Pendulum paid about $46 million for the property in a venture with Boston-based Long Wharf Capital LLC.
Stadium Crossing was one of the last large Central County commercial properties controlled by a special servicer after the Great Recession. It was marketed for sale in an auction overseen by the local office of brokerage Newmark Knight Frank and was Pendulum’s fourth acquisition last year, three of those topping $40 million.
Other company investments last year included Irvine’s Jamboree Business Center, a 165,000-square-foot office building; Peter’s Landing in September, a 94,000-square-foot marina-front office and retail project in Sunset Beach; and Brickyard, a 12-acre development site in Ontario.
Pendulum’s managing partner is Kevin Hayes, a former partner at Lincoln Property Co.’s local office.
Lincoln also has several area investments, including the 14-story Orange Center Tower office on the opposite side of the baseball stadium that it bought in November with New York-based upstart investor Cadre for a reported $93.5 million.
Pendulum also manages the Axis creative-office campus in the Platinum Triangle, which holds the headquarters of the Orange County Register and other tenants.
While the Platinum Triangle’s main source of development in recent years has been apartments, area deal-making has recently veered toward other property types; nearly $150 million in office and land deals have taken place there since October, Orange Center Tower the largest.
Stadium Crossings is next to an 8.6-acre industrial site just off Katella Avenue that also recently sold and is being considered for a variety of development types. A partnership headed by Long Beach-based Pacific Industrial paid about $14.6 million in October and is exploring industrial development, among other options. The site currently houses an auto repair shop and some smaller tenants.
Yorba Linda Luxe
Shea Homes closed on the purchase of a roughly 12.5-acre site in Yorba Linda where it plans a 22-home custom home development.
Property records show the Walnut-based homebuilder paid about $12.8 million, or a little more than $1 million per acre, in December for the Lakeview Avenue site about a mile north of Orangethorpe Avenue in a largely residential area.
The property previously held the Muranaka Mums Nursery, a longtime flower company that grew chrysanthemums for the Los Angeles Flower Market.
The family-owned nursery closed in 2016, and Shea Homes worked with the city to get approvals for the housing development, which will replace 13 nursery and greenhouse structures that were built in the mid-1960’s; the site was previously home to orchards, according to city filings.
Shea bought the site from the recently created Irvine-based entity of Yorba Linda Estates Lakeview LLC, state records show.
The privately held builder, a unit of J.F. Shea Co., currently isn’t selling any projects in the city, but has some under way in Irvine, Lake Forest and Rancho Mission Viejo.
Lots in Shea’s development will be at least 15,000 square feet, some closer to 30,000 square feet, regulatory filings show.
It’s the second housing development site in Yorba Linda featuring super-sized lots to close in the past month. In December, I reported that Horsham, Pa.-based Toll Brothers bought a 47-lot site there for about $44 million. The Stonecliff Estates project will feature average home lot sizes of a little more than 20,000 square feet. Most luxury home lots in inland Orange County range from 6,000 to 10,000 square feet.