{"id":1004168310,"date":"2017-03-06T08:18:00","date_gmt":"2017-03-06T16:18:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004168310"},"modified":"2022-12-08T18:35:37","modified_gmt":"2022-12-09T02:35:37","slug":"orange-county-office-acquisition-is-pendulums-first-swing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orange-county-office-acquisition-is-pendulums-first-swing\/","title":{"rendered":"Orange County Office Acquisition Is Pendulum\u2019s First Swing"},"content":{"rendered":"<p>By Alex Girda<\/p>\n<p><strong>Irvine, Calif.<\/strong>\u2014Pendulum Property Partners recently announced the completion of its first acquisition. The fully integrated real estate firm purchased an Orange County office property for $41.7 million. Transaction details were arranged by Eastdil Secured Managing Directors K.C. Scheipe and Adam Edwards, who worked on behalf of seller TA Associates Realty.<\/p>\n<div id=\"attachment_1004168318\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004168318\" data-attachment-id=\"1004168318\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/orange-county-office-acquisition-is-pendulums-first-swing\/k-hayes_headshot\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg\" data-orig-size=\"746,637\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"K.Hayes_Headshot\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Kevin Hayes &#8211; Managing Partner of Pendulum&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg?w=746\" class=\"size-medium wp-image-1004168318\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg\" alt=\"Kevin Hayes, Managing Partner of Pendulum\" width=\"300\" height=\"256\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg 746w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/K.Hayes_Headshot-e1488806184145.jpg?resize=300,256 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004168318\" class=\"wp-caption-text\">Kevin Hayes, managing partner of Pendulum<\/p><\/div>\n<p>Located at 5 Peters Canyon Road in Irvine, the office property offers a total of 156,451 square feet of space. The three-story, Class A asset\u00a0offers proximity to two of Orange County\u2019s most prominent upscale retail centers, The Market Place and The District. Access to the building\u00a0is facilitated by its placement near the intersection of Jamboree Road and the 261 Toll Road junction. The facility offers 782 grade-level parking spaces and controlled access.<\/p>\n<p>&#8220;This acquisition is designed to be a longer-term strategic hold for our firm with solid cash flows throughout,&#8221; Pendulum Managing Partner Kevin Hayes said about the acquisition in prepared remarks.<\/p>\n<p>Completed in 2000, the office property last traded in 2007, when current seller TA Associates Realty paid Allianz Real Estate a total fee of $51 million for the asset. Known as Jamboree Business Center East, the asset currently operates at 89.8 percent occupancy, Yardi Matrix data shows. The tenant roster consists of names such as Medata Inc., Black &amp; Veatch Corp., TRI Pointe Homes and Starwood Hotel &amp; Resorts. The property has a tenant rollover of just 5 percent until 2021.<\/p>\n<p>According to Pendulum Partner Brian Walker, \u201cCurrent market fundamentals are strong, as asking rents have increased for 14 consecutive quarters and the vacancy rate has decreased by 270 basis points since Q2 2014.\u201d<\/p>\n<p><em>Image courtesy of Pendulum Property Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strengthening market fundamentals prompted the firm to acquire the $41.7 million Irvine asset. <\/p>\n","protected":false},"author":237,"featured_media":1004168325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,34267,15],"tags":[33101,39492,34266,33333],"class_list":["post-1004168310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-orange-county","category-west","tag-eastdil-secured","tag-orange-county","tag-pendulum-property-partners","tag-ta-associates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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