Kingsbarn Realty Capital and Barker Pacific Group Partner to Acquire Griffin Towers in Orange County, California
Santa Ana, California (April 10, 2023) – Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of Griffin Towers in a joint venture with Barker Pacific Group ("BPG") of Los Angeles. Griffin Towers is a Class-A office complex comprised of two 14-story towers and a six-story parking structure located along the 55 Freeway at 5 & 6 Hutton Centre Drive in Santa Ana, California. The recently renovated buildings contain approximately 560,000 rentable square feet and include a generous amenity package featuring a conference center with a catering-friendly kitchenette, a fitness center with showers and locker rooms, multiple EV charging stations, and even an outdoor bocce court.
"This prime office campus has always been institutionally owned and we were able to acquire the properties at an extremely attractive basis," according to Jeff Pori, CEO for Kingsbarn. "We plan on adding additional amenities to the property and further renovating some of the floors that have yet to receive the upgraded finishes that were part of the previous renovation plan."
Griffin Towers marks the second joint venture between Kingsbarn and Barker Pacific Group in the Orange County office market. In 2021, the two companies teamed up to purchase Fullerton Towers to pursue a similar value-add strategy which has since been successfully executed. "We have a high degree of confidence in Barker Pacific's ability to perform value enhancing positioning and improvements to major office properties," Pori stated. "We purchased over $120 million of value-added office properties in Roseville (Sacramento MSA) from BPG and saw first-hand the positive reaction their efforts received from the office market in that region. Their market knowledge and attention to detail is truly top notch."
ABOUT KINGSBARN REALTY CAPITAL
Kingsbarn Realty Capital is a real estate centric investment house that provides institutional and accredited investors access to an array of alternative investments. Kingsbarn offers investments in private equity, exchange traded funds, traditional investment funds, private placements, and Delaware Statutory Trusts (DSTs). Kingsbarn’s management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $2 billion of assets under management and has acquired over 270 properties throughout the United States. The company currently has a development pipeline of over $2 billion consisting of multifamily, student housing, industrial, retail, and hospitality. For further information, visit www.kingsbarn.com.
ABOUT BARKER PACIFIC GROUP
Barker Pacific Group (BPG) was founded more than 40 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions, and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street. Some of the firm’s other notable projects include Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Blvd., and 5055 Wilshire Blvd. in Los Angeles; 101 Continental in El Segundo, California; City Square in Phoenix; and Tower 300 in Las Vegas. Additionally, BPG manages Storage Solutions, a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies. BPG has offices in San Francisco, Los Angeles, Phoenix, Sacramento, and Las Vegas. The company specializes in the development and acquisition of institutional quality office, self-storage, and residential projects in select U.S. cities. For more information, visit www.barkerpacific.com.
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