Pendulum Property Partners has acquired StoneCrest, a 327K SF Class-A office campus in the Kearny Mesa submarket of San Diego County, for a bit more than $100M.
“From a capital market standpoint, the region seems undervalued, with better in-place yields than Orange and Los Angeles counties,” Pendulum founding partner Kevin Hayes said.
StoneCrest is the investor’s first foray into the San Diego market and, according to Hayes, part of its strategy to expand into the region.
“Kearny Mesa has the lowest overall office vacancy rate in the county and is poised for significant long-term growth,” Hayes said. “We plan to make improvements to the property that will enhance the experience.”