Kennedy Wilson (KW), a real estate investment trust (:REIT), has recently announced that the company and its partners have closed the acquisition of a premier office building named Stadium Gateway in Anaheim, California for $56 million.
The acquired property is a six-storied Class A office building located at 1900 State College Boulevard. The property is currently 70% occupied and is considered to be one of the best office buildings in the Orange County submarket.
Stadium Gateway is expected to be accretive for Kennedy Wilson as it is perfectly placed to serve the Orange County Submarket. The Class A office building has direct access to the region’s extensive freeway network and is H shaped with extremely flexible floor plates, thus enhancing its competitive edge to attract tenants whom other buildings cannot accommodate. With this deal, the company boosted the quality of its portfolio.
Recently, Kennedy Wilson also acquired Via Verde, a 277-unit apartment complex in Huntington Beach, California for $65.7 million.
Since 2010, Kennedy Wilson and its institutional partners have acquired approximately $6.6 billion worth of real estate and secured debt through joint venture and consolidated investments.
Headquartered in Beverly Hills, California, Kennedy Wilson offers a wide array of real estate services including auction, conventional sales, property services, research and investment management with 23 offices in the U.S., Europe and Japan.
Kennedy Wilson currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We have a long-term Neutral recommendation on the stock. One of its competitors, CBRE Group, Inc (CBG) also holds a Zacks #3 Rank.
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