Company and partners complete acquisition of Stadium Gateway
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jul. 13, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partners completed the acquisition of Stadium Gateway in Anaheim, CA for
$56 million. The six-story, 272,826 RSF, Class A office building located
at 1900 State College Boulevard increases Kennedy Wilson’s total office
portfolio to 3.6 million square feet.
“Stadium Gateway is widely considered the best office building in the
Central Orange County submarket,” commented John Prabhu, president of KW
Commercial Investment Group. “With the building’s occupancy currently at
70%, we believe this investment is an excellent value-add opportunity.
Orange County has had eight consecutive quarters of positive absorption
including over 1.9 million square feet of absorption in 2011. We are
strongly optimistic that this encouraging momentum and steady recovery,
in concert with Stadium Gateway’s intrinsic benefits and desirable
characteristics, will combine nicely in our efforts to stabilize the
asset.”
Ideally situated in the Central Orange County submarket, the property
has direct access to the region’s extensive freeway network and has one
of the highest parking ratios of any of the submarket’s 20 Class A
buildings. The “H” shaped building also has extremely flexible
floorplates, giving it a competitive advantage to draw tenants whom
other buildings cannot accommodate.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.6 billion of real estate and real estate secured debt
through joint venture and consolidated investments since the beginning
of 2010, including deals currently under contract.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., UK, Ireland and Japan. For further information on Kennedy Wilson,
please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
310-887-6294
[email protected]
www.kennedywilson.com