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Orange County-based value-add office investor Pendulum Property Partners has planted roots in the San Diego market with the acquisition of StoneCrest, a 327,204-square-foot class-A office property. Pendulum purchased the asset for $100.3 million, and plans to make significant capital investments to upgrade the property. This is the firm’s first acquisition in the San Diego market, but it won’t be the last. It plans to consolidate $100 million of real estate into the San Diego market this year.

“We like the fundamentals in San Diego with strong office employment numbers, a very diverse economic base, and a controlled supply of product,” Kevin Hayes, founding partner at Pendulum Property Partners, tells GlobeSt.com. “We were attracted to the asset profile and, candidly, the size. San Diego is not a market where it is easy to achieve scale and StoneCrest gave us a solid foothold in a great submarket. Our focus is to look for value or mispriced office and restaurant and entertainment plays.  We like to mix the uses where possible. Office users want amenities, and we look to create them to enhance our customer’s experience.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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