Company News
Kingsbarn Realty Capital and Barker Pacific Group Partner to Acquire Griffin Towers in Orange County, California
Twin 13-Story Towers Fronting the Costa Mesa Freeway Near the 405 Interchange and John Wayne Airport
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.
Kingsbarn Media Contacts::
Emma Williams & Holly Silvestri
The Ferraro Group (702) 367-7771
emma@theferrarogroup.com / holly@theferrarogroup.com
No Offer
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
Forward-Looking Statements
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.