Three-building retail property Jamboree Promenade near John Wayne Airport in Irvine changed hands.
A Newport Beach-based affiliate of Singapore’s Pole Capital bought the property, which is across the street from the new Boardwalk office development, for $42.5 million.
It was sold by a Santa Ana-based tenant-in-common entity in a deal brokered by Jim Resha, senior vice president at Sperry Commercial.
The 56,878-square-foot project at the intersection of Jamboree Road and Dupont Drive traded hands for $747 per square foot, one of the highest square footage prices for an area retail property not along the coastline.
Jamboree Promenade includes retail, restaurant and fitness space, as well as some largely medical- and health-focused offices.
Tenants include Daily Grill, CorePower Yoga and The Melting Pot. It was 97% leased earlier this year and brings in about $2.1 million in rents, according to Sperry’s marketing package.
It’s the first U.S. real estate investment for the Pole Capital unit, which state records show has a domestic location in Newport Center. The Singapore-based company has been described in regional publications as a family-owned private equity firm that started in 2014. It invests in Singapore, the U.S. and Australia.
Sperry will continue to manage Jamboree Promenade following the sale, according to Resha.
Pendulum Swing
Irvine-based Pendulum Property Partners, a commercial real estate investor and developer that kicked off operations in late 2016, has made its largest acquisition to date, a four-building office complex in San Diego County.
The company paid $100.3 million for the 327,204-square-foot StoneCrest in the Kearny Mesa area.
Offices range from three to six stories and were about 93% leased at the time of sale. They went for about $306 per square foot. Pendulum bought the property from TH Real Estate and got $65 million from Aareal Bank to fund the deal, according to local news reports.
It’s Pendulum’s first purchase in San Diego. Founding Partner Kevin Hayes said in a statement that the Kearny Mesa area “has the lowest overall office vacancy rate in the county and is poised for significant long-term growth.”
The deal “is part of our 2018 strategy to expand our presence into the region,” he said.
Planned upgrades include changes to StoneCrest’s courtyard, lobbies, restrooms, common areas, and fitness center, plus improvements to on-site food offerings.
Pendulum said it’s bought more than $250 million worth of properties over the past 18 months. Orange County acquisitions include Irvine office property Jamboree Business Center, Huntington Beach retail and marina Peter’s Landing, and Stadium Crossings, an office property in Anaheim.
It also plans a 12-acre retail development project in Ontario.
Incipio Warehouse
Incipio Group, the Irvine-based maker of mobile device accessories, has found a big industrial facility in Corona as home to its West Coast warehouse and distribution operations.
The company recently signed a 322,201-square-foot industrial lease at 1351 Railroad St., a mile north of the Riverside (91) Freeway and near the 15 Freeway.
It’s Incipio’s second recent notable real estate move. Early this year, it moved its headquarters from the Irvine Spectrum to the Park Place office campus near the airport.
Incipio had been based in a largely industrial, 160,000-square-foot building next to Oak Creek Golf Club. The 70,000-square-foot Park Place space is solely offices.
Incipio Chief Executive Andy Fathollahi told the Business Journal last year that following the Park Place move, which doubled its area office space, the company would seek a new West Coast distribution center near its headquarters.
