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A trio of office buildings near Angel Stadium that are being presented as an opportunity to convert into a residential redevelopment is in escrow, a broker with CBRE confirmed with the Business Journal.
Axis Anaheim, the three-building campus located at 2121, 2150 and 2170 Towne Centre Place, has been on the market since late 2024 and, according to its listing information, is being marketed as an “exceptional development opportunity.”
CBRE listed the office campus and has been marketing the campus for sale.
Anthony DeLorenzo, a managing director at CBRE’s Irvine office, confirmed the property is in escrow but did not disclose who could be buying the office campus.
Axis Anaheim, currently owned by The Goldman Sachs Group Inc. and Irvine-based Pendulum Property Partners, is across the street from Angel Stadium and walking distance to Golden Road Brewing Co. and Karl Strauss Brewing Co.
CBRE connected the prospects of redeveloping the campus to OCVibe, a billion-dollar face lift of the area immediately surrounding Honda Center, which is near Axis Anaheim.
Buying the Axis campus, per its listing, is a “once-in-a-generation opportunity to acquire prime real estate in one of the best real estate markets in the nation.”
“Anaheim’s ‘OCVibe’ and ‘The Big A: 2050’ growth visons provide the groundwork for tremendous investment inflows throughout the surrounding area in the decades to come,” the listing continued.
“Axis Anaheim provides a three-building office campus consisting of 146,181 square feet of office and sits on 7.27 acres that is being sold as a residential redevelopment. This rare offering has tremendous land scale offering residential developers a dense, infill development opportunity in one of the nation’s best performing residential markets.”
Pendulum Property Partners
Putting Axis Anaheim on the market is the latest possible transaction for Pendulum Property Partners in Orange County. The Irvine-based real estate company sold a portfolio at Anaheim’s Stadium Crossings for $66.9 million in 2022, five years after paying $46 million for the properties.
A venture that included Pendulum Property Partners bought One Pacific Plaza, a three-building office campus next to the Bella Terra shopping center in Huntington Beach and home to the headquarters for casual dining chain BJ’s Restaurant Inc. Pendulum Property Partners doled out $124.5 million for the four-property portfolio in 2018.
Joe Wen’s Formosa Ltd. bought One Pacific Plaza as a three-property portfolio from Pendulum Property Partners for $42 million, or $94.76 per square foot, in 2023.
Pendulum Property Partners and Goldman Sachs bought the Axis campus as part of a five-property portfolio in December 2018. The Seligman Group bought the campus, which included 2190 Towne Center Place and 2390 E. Orangewood Ave., for $68.2 million in 2005 before selling it to Pendulum Property Partners and Goldman Sachs for $83.1 million in 2018, per CoStar data.
The buildings at 2190 Towne Center Place and 2390 E. Orangewood Ave. were not included in the CBRE listing.
Pendulum Property Partners was founded in 2016.