December 6, 2018
Irvine, CA-based Pendulum Property Partners acquired a long-term leasehold interest in a prized retail portfolio within San Diego’s historic Liberty Station neighborhood. Encompassing 361-aces of waterfront real estate, the former Naval Training Center San Diego is being transformed into a mixed-use development.
In partnership with The Seligman Group, Pendulum acquired 327,000 square feet of multi-tenant retail and office space for an undisclosed sum that is roughly 98% occupied. The seller, McMillin, retains ownership of one hotel site, two hotels under construction and a number of office assets.
Pendulum’s transaction primarily consists of the retail components of Liberty Station’s master-planned development, more specifically within The Quarter, South Point and Arts District. Anchor tenants include Liberty Public Market food hall, Stone Brewing World Bistro & Gardens, El Jardín, Corvette Diner, Moniker General and Slater’s 50/50, as well as a nine-hole golf course, a landlocked training ship of the U.S. Navy, and a chapel.
For comments, questions or concerns, please contact Dennis Kaiser