T
he Anaheim office campus known as Axis, previously home to The Orange County Register headquarters, has changed hands for $62.5 million. This sale marks a 24% loss from its last transaction in 2018, when it sold for $83 million.
Located across the street from Angel Stadium on Rampart Street, the 302,630-square-foot, five-building portfolio sits on 14 acres and features addresses at 2121-2170 S. Towne Centre Place, 2190 Towne Centre Place, and 2390 Orangewood Ave.
The buyer, a joint venture between ParkTerra and JEN Partners, paid $62.46 million for the property. The transaction closed on July 11, with CBRE representing both the buyer and seller, a joint venture between Goldman Sachs and Pendulum Property Partners.
"The Axis portfolio generated strong interest from various investors," said Anthony DeLorenzo at CBRE. "The seller ultimately selected a capable cash buyer."
The Orange County office market continues to face challenges after the pandemic shifted many workers to remote offices. Office vacancy rates are rising, with a recent report showing a 10-basis-point year-over-year increase in the vacancy rate, which rose to 12.8%.
In other Anaheim news, a 15,710-square-foot retail strip center next to Angel Stadium sold for $11.3 million on July 17. The shopping center, called Pique at Angel Stadium, features eight tenants and has 50% of its leases with terms of at least four years remaining.
Nearby, work continues on the $4 billion OCVibe development adjacent to the Honda Center. Additionally, a 31-unit apartment property in Anaheim sold for $7.6 million on July 22, while a Newport Beach-based investment firm paid $17.7 million for an industrial property in SeaTac, Washington.
Cody Cannon has joined Greysteel as a senior vice president and market executive, focusing on investments in manufactured housing.
