Axis Offices in Anaheim Sell for $63 Million

An office campus in Orange County has traded hands ahead of a potential redevelopment into housing.

ParkTerra and Jen Partners bought the three-building Axis property in Anaheim for $62.5 million, L.A. Business First reported. The campus, spanning nearly 306,700 square feet at 2121-2170 Towne Centre Place, 2190 Towne Centre Place and 2390 Orangewood Avenue, was sold by a joint venture between Pendulum Property Partners and an unnamed global banking giant.

Axis comprises a creative office building made for owner-user tenants; a residential redevelopment site; and another office building. It’s located in Anaheim’s Platinum Triangle district with proximity to Angel Stadium, the Honda Center and Disneyland.

“The Axis portfolio generated strong interest from a broad spectrum of investors, developers, and owner-users,” Anthony DeLorenzo, a vice chairman at CBRE who helped facilitate the sale, said in a statement. “This transaction reflects the continued momentum in the Anaheim market, where quality assets like Axis stand out… The seller ultimately selected a capable cash buyer who performed as promised, reinforcing the strength of the offering and execution.”

The area around Angel Stadium and the Honda Center is poised for a mixed-use rebirth as part of OCVibe, a $4 billion planned entertainment village effort spearheaded by Henry and Susan Samueli, owners of the Anaheim Ducks and the Honda Center.

Last month, the Samuelis spent more than $72 million for Stadium Tower, a 12-story office building at 2400 East Katella Avenue. That purchase followed a $64.5 million buy last summer for a 2.4-acre industrial site near Stadium Tower that will serve as offices for OCVibe.

OCVibe 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 in the heart of Anaheim. The first phase of the project, which includes the concert venue, commercial space and a park, is expected to open next year. Construction on the final phase is planned to get underway in 2029.

Office vacancy in Orange County in the second quarter was 19 percent, remaining virtually unchanged year-over-year, according to Colliers’ Q2 report. The Stadium Tower purchase was one of the biggest commercial sales last quarter, per Colliers.

— Chris Malone Méndez