A commercial real estate office property in Anaheim, California, was recently purchased by Kennedy Wilson for approximately $56 million.
The property, named Stadium Gateway, is six stories and has more than 270,000 rentable square feet and is located at 1900 State College Boulevard. The purchase brought the company's total office space up to approximately 3.6 million square feet.
"Stadium Gateway is widely considered the best office building in the Central Orange County submarket," said John Prabhu, president of KW Commercial Investment Group. "With the building’s occupancy currently at 70 percent, we believe this investment is an excellent value-add opportunity."
In addition, the Orange County area has experienced a boom in office space absorption in the past several quarters. In 2011 alone, nearly 2 million square feet of office space was utilized, the company said.
Kennedy Wilson purchased close to $6.6 billion in real estate and secured debts during the past two years. It has more than 20 offices located throughout the United States, United Kingdom, Japan and Ireland.