), 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
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
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
) also holds a Zacks #3 Rank.
CBRE GROUP INC (CBG): Free Stock Analysis
KENNEDY-WILSON (KW): Free Stock Analysis Report
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