A San Francisco-based real estate investment and management company has added an office building in Southern California to its portfolio.
Baco Realty Corporation, in partnership with Santa Barbara-based Bowis Investment Realty Corporation, bought the Stadium Centre building in Anaheim for $19.7 million, the Orange County Business Journal reported. New York-based Westbrook Partners was the seller.
The deal for the 123,577-square-feet structure works out to $159.41 per square foot. Westbrook Partners bought Stadium Centre from Guggenheim Services, another New York-based firm, in 2018 for $28.8 million, or $233.05 per square foot, according to the Business Journal.
The property rises six stories at 2099 South State College Boulevard near Angel Stadium. Tenants at the building include Anaheim Visitors Bureau and Rexel USA, according to the Business Journal. The structure was built in 1985 and is located in Anaheim’s Platinum Triangle mixed-use district, which features residences, restaurants and retail near the Angels’ ballpark.
It’s the latest office building near Angel Stadium to trade hands in recent months.
In June, Henry and Susan Samueli, owners of the Anaheim Ducks, bought the Stadium Tower office building next to the team’s home rink at the Honda Center. CBRE Investment Management and CalSTRS sold the 261,939-square-foot property at 2400 East Katella Avenue for $72.1 million, or about $275 per square foot. CBRE and CalSTRS previously bought the tower in 2017 for $63.9 million.
That acquisition is purportedly part of the Samuelis’ ongoing expansion plan in the area around the two sports venues known as OCVibe. The megadevelopment, projected to cost $4 billion, calls for 100 acres of multifamily buildings, two hotels, a 50,000-square-foot food hall, two live event venues and office and retail spaces, according to Forbes.
In addition to commercial properties such as the Stadium Centre office building, San Francisco-based Baco holds retail, self-storage and single-family properties in its portfolio. — Chris Malone Méndez
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