{"id":1004572875,"date":"2022-03-22T09:14:47","date_gmt":"2022-03-22T17:14:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004572875"},"modified":"2022-12-09T02:31:17","modified_gmt":"2022-12-09T10:31:17","slug":"kingsbarn-realty-pays-32m-for-orange-county-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/","title":{"rendered":"Kingsbarn Realty Pays $32M for Orange County Office"},"content":{"rendered":"
\"\"<\/a>

Stadium Crossings. Photo courtesy of Newmark.<\/p><\/div>\n

A fully leased office property in Orange County\u2019s Platinum Triangle submarket has changed hands. Las Vegas-based Kingsbarn Realty Capital<\/strong> paid $31.5 million for Stadium Crossings. A Newmark<\/strong> team of brokers represented the seller, Pendulum Property Partners<\/strong>.<\/p>\n

This was Kingsbarn\u2019s fifth office acquisition in Orange County, bringing its current footprint to over 370,000 square feet, CommercialEdge <\/strong>data shows.<\/p>\n

Stadium Crossings is located at 2125 E. Katella Ave. in Anaheim, just north of Angel Stadium. The four-story, Class A building totals 106,068 square feet and underwent a $1.3 million renovation project between 2019 and 2021, a Newmark spokesperson confirmed to Commercial Property Executive. <\/em>These included upgrades to the lobby, elevators, HVAC, restrooms, corridors and landscaping.<\/p>\n

\n

READ ALSO: <\/strong>Office Refinancing Dollars Abound, But Not For Every Building<\/a><\/p>\n

\n

The building is anchored by the General Services Administration, with its Orange County branch occupying 50 percent of the space. According to the announcement, the seller had previously entered an agreement with the GSA to take the building to full occupancy. Other tenants include NTS, Incenter, Pearson and SunPower Corp. Stadium Crossings has an average weighted lease term of 5.4 years, the spokesperson told CPE. <\/em><\/p>\n

Kingsbarn has been steadily increasing its office portfolio in Orange County since 2019, when it made its first purchase in the market, according to CommercialEdge<\/strong> data. The investor targeted stabilized, Class A assets that had recent renovations. Kingsbarn’s previous Orange County purchase\u2014the $40.5 million acquisition of Palm Terrace<\/a>\u2014was in June of last year.<\/p>\n

Orange County already saw over 1 million square feet of office space change hands since the start of this year, according to CommercialEdge, generating over $283 million. Office vacancy in Orange County reached 14.8 percent in February, up 30 basis points since the start of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Vegas-based investor made its fifth acquisition in Orange County.<\/p>\n","protected":false},"author":1284,"featured_media":1004572878,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21747,15],"tags":[45869,50999,34266],"class_list":["post-1004572875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-office","category-west","tag-kingsbarn-realty-capital","tag-newmark","tag-pendulum-property-partners"],"acf":[],"yoast_head":"\nKingsbarn Realty Pays $32M for Orange County Office - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Kingsbarn Realty Capital acquired an office property in Anaheim, Calif., fully leased to a variety of tenants, including the GSA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kingsbarn Realty Pays $32M for Orange County Office\" \/>\n<meta property=\"og:description\" content=\"Kingsbarn Realty Capital acquired an office property in Anaheim, Calif., fully leased to a variety of tenants, including the GSA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-22T17:14:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:31:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Stadium-Crossings-e1647964197582.png\" \/>\n\t<meta property=\"og:image:width\" content=\"918\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/\",\"name\":\"Kingsbarn Realty Pays $32M for Orange County Office - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Stadium-Crossings-e1647964197582.png\",\"datePublished\":\"2022-03-22T17:14:47+00:00\",\"dateModified\":\"2022-12-09T10:31:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d\"},\"description\":\"Kingsbarn Realty Capital acquired an office property in Anaheim, Calif., fully leased to a variety of tenants, including the GSA.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kingsbarn-realty-pays-32m-for-orange-county-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Stadium-Crossings-e1647964197582.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Stadium-Crossings-e1647964197582.png\",\"width\":918,\"height\":688,\"caption\":\"Stadium Crossings. 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