ANAHEIM, CA-Macquarie Office Trust of Australia has acquired the 272,826-sf Stadium Gateway office development from Principal Real Estate Advisors for $71.1 million, approximately two years after Principal bought it for $52.5 million. The acquisition is part of a realignment strategy for Macquarie’s US holdings that focuses on retaining properties in stronger markets, the buyer says.

The transaction represents what Macquarie calls “a strategic geographic re-weighting to strong US office markets,” according to Simon Jones, CEO of Macquarie Office Management LTD. As part of that strategy and in a separate deal, it is selling two Dallas properties owned in a venture with Equity Office Properties. Macquarie’s US adviser is Principal Real Estate Investors, which brought the deal to Macquarie on behalf of one of its associates. The Stadium Gateway building, at 1900 S. State College Blvd. adjacent to the Angels’ baseball stadium, was completed in 2001 and is 100% occupied, with a weighted average lease term of five years. Jones says Macquarie liked the leasing profile of the building, where the rate of expiration of leases in coming years is relatively low in an office market where leasing has been gaining momentum and rental rates have been rising.

Seller Principal Real Estate Investors is a member of the Des Moines-based Principal Financial Group. It bought the Stadium Gateway about two years ago from a partnership of Summit Commercial Properties of El Segundo, Mack-Cali Realty Corp. of Cranford, NJ and an East Coast financial institution. The six-story office building is part of the city of Anaheim’s master-planned, mixed-use development for the area around the baseball stadium near the intersection of the I-5 Freeway and state highways 57 and 22.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.