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Kearny Mesa Office Property Sells for $100.3 Million

Irvine Based Pendulum Makes First Purchase in San Diego County
June 11, 2018
Irvine-based Pendulum Property Partners has acquired the four-building, 327,204-square-foot StoneCrest office campus in San Diego’s Kearny Mesa neighborhood, for $100.3 million.

TH Real Estate (TIAA-CREF Investment Management LLC) of Newport Beach sold the Class A property located at 9635, 9645, 9655 and 9665 Granite Ridge Dr. Two of the buildings were constructed in 1990, with the others following in 2001 and 2003.

Pendulum Founding Partner Kevin Hayes said this is the company’s first acquisition in San Diego County, and is part of a 2018 strategy to expand its presence in the region. The sale marks Pendulum’s fifth Southern California acquisition in the past 18 months, with prior purchases totaling more than $250 million in Irvine, Anaheim and Ontario, CA.

Pendulum is planning cosmetic renovations following the off-market acquisition. Eastdil Secured had previously marketed the property and represented the seller in the recent deal.

The buyer said the property is 92.7 percent occupied, with tenants including Blue Cross Blue Shield, Mercury Insurance, Vitas Healthcare and ACE Insurance.



Lou Hirsh, San Diego Market Reporter  CoStar Group   
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