ParkTerra and Jen Partners Buy SoCal Office Park for $63M
CBRE had marketed the complex as a potential redevelopment opportunity
By Nick Trombola July 29, 2025 3:05 pm
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A Southern California office park marketed as a residential redevelopment opportunity has traded hands for less than its 2018 sale price.
Developer ParkTerra and investment firm Jen Partners spent $62.5 million to acquire Axis, a five-building, 306,664-square-foot business park in Anaheim. The price is nearly 25 percent less than the $83.1 million that sellers Pendulum Property Partners and an affiliate Goldman Sachs had paid for the business park in 2018. The buildings, at 2121-2170 Towne Centre Place, 2190 Towne Centre Place and 2390 Orangewood Avenue, are adjacent to Anaheim’s Angel Stadium baseball field.
CBRE’s Anthony DeLorenzo, Sammy Cemo and Bryan Johnson represented the sellers in the deal, with assistance from the brokerage’s Greg Sullivan, Jennifer Whittington, David Dowd and Matt Didier.
“This transaction reflects the continued momentum in the Anaheim market, where quality assets like Axis stand out,” DeLorenzo, a CBRE vice chairman, said in a statement. “With a combination of stabilized income, redevelopment potential, and a prime location in the Platinum Triangle, the offering presented a rare opportunity.”
CBRE had marketed the portfolio as a potential residential conversion project, though ParkTerra and Jen Partners’ plans for the complex were not immediately clear. The firm’s are exploring several potential redevelopment options, Aaron Talarico, ParkTerra president, told Commercial Observer.
“We see Axis as a flexible investment with several viable paths forward,” Talarico said. “We’re evaluating a range of outcomes, including partial sales, redevelopment, and hybrid approaches, based on market conditions and the site’s unique potential as an infill location.”
Office conversions are becoming increasingly common in Orange County. The county currently has 26 office-to-resi projects, totaling 4.2 million square feet, either underway or in the pipeline, according to a recent report from CBRE. Meritage Homes in April purchased a roughly 111,000-square-foot office in Santa Ana for $19.2 million, with aims to redevelop it into 86 townhomes. In June, Anaheim Ducks owners Henry and Susan Samueli spent $72.1 million on Stadium Tower, a 262,000-square-foot office on the north end of Angel Stadium, and are expected to use the property for part of OCVibe, their $4 billion, mixed-use megadevelopment.
Similarly, Orange County has seen a notable rise in office-to-industrial projects since the pandemic accelerated industrial demand and altered the workplace real estate industry. For example, Kearny Real Estate and Dune Real Estate demolished an office campus they had just spent millions renovating to build a logistics center in Santa Ana, not far from where Terreno Realty is redeveloping a low-level office property into a distribution facility.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
