Kingsbarn Realty Pays $32M for Orange County Office

Stadium Crossings. Photo courtesy of Newmark.

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

This was Kingsbarn’s fifth office acquisition in Orange County, bringing its current footprint to over 370,000 square feet, CommercialEdge data shows.

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. These included upgrades to the lobby, elevators, HVAC, restrooms, corridors and landscaping.

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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.

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 data. The investor targeted stabilized, Class A assets that had recent renovations. Kingsbarn’s previous Orange County purchase—the $40.5 million acquisition of Palm Terrace—was in June of last year.

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.