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Pendulum Swings $100M Office Campus Buy, First in San Diego
Irvine, CA-based Pendulum Property Partners acquired StoneCrest, a 327,204-square-foot Class A office campus in San Diego’s Kearny Mesa submarket. The four institutional quality office buildings, that range from three to six stories, were sold in an off-market transaction by TH Real Estate for $100.3 million.
Pendulum’s Kevin Hayes says, “StoneCrest marks our first San Diego acquisition, and is part of our 2018 strategy to expand our presence into the region. StoneCrest is among the highest quality assets in Kearny Mesa, which has the lowest overall office vacancy rate in the county, and is poised for significant long-term growth.”
The new owners plan to make improvements to the 92%-occupied property at 9635, 9645, 9655 and 9665 Granite Ridge Dr. That includes hardscape upgrades, adding comfortable courtyard seating, updating lobbies, restrooms and common areas, modernizing the fitness center, and improving the on-site food offerings.
Eastdil Secured represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


