MXD Sells in “Challenging” Auction Process

Stadium Crossings offers 165,000 rentable square feet and is located in the center of the Platinum Triangle.

ANAHEIM, CA—A joint venture between Orange County-based Pendulum Property Partners and Boston-based Long Wharf Capital LLC has acquired Stadium Crossings, a 165,000-square-foot mixed-use commercial property here for what GlobeSt.com has learned is $46 million. The property was acquired during an auction process led by Newmark Knight Frank.

Stadium Crossings, located in the center of the Platinum Triangle between the 55 freeway and I-5 freewy at the intersection of East Katella Ave. and North State College Blvd., totals 165,000 rentable square feet and includes one four-story, multi-tenant office building, a food court, two stand-alone restaurants, a church and a pad site that was formerly occupied by a bank. One of the last remaining commercial properties controlled by a special servicer in Orange County, the property attracted a lot of attention from top firms; the sale was made after the JV conducted up-front due diligence and made an initial hard deposit on the property.