March 1, 2017
Pendulum Property Partners closed its first acquisition since opening in July 2016. The Irvine, CA-based firm purchased a 156,305-square-foot office building located at 5 Peters Canyon Rd. in Irvine for $41.7 million from a fund managed by TA Associates.
Pendulum’s Kevin Hayes said, “This acquisition is designed to be a longer-term strategic hold for our firm with solid cash flows throughout. We believe over the life of our hold period Irvine will only continue to strengthen, and the nearby development of Tustin Legacy will transform the county landscape for the better.”
The three-story, Class A office property is located in Jamboree Business Center East at the intersection of Jamboree and the 261 Toll Roads. The tenant mix includes Medata Inc., Black & Veatch Corp., TRI Pointe Homes and Starwood Hotel & Resorts, with only 5% rollover before 2021.
Eastdil Secured’s K.C. Scheipe and Adam Edwards handled the transaction.
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