Bixby Office Park Acquired for $85 Million; TIAA-CREF Expands Portfolio With Industrial Purchase
By Alex Girda, Associate Editor
It was recently announced that the Bixby Office Park has been acquired by a private, fully integrated real estate investment company. Parallel Capital Partners sealed a deal worth approximately $85 million to secure the commercial asset in Seal Beach, CA. This constitutes the largest office transaction in Orange County in 2013. The seller was a large national insurance company, represented by an Eastdil Secured team consisting of Adam Edwards and K.C. Scheipe. The buying entity was PCPI BIXBY LP, an affiliate of Parallel Capital, which represented itself.
The 297,200-square foot complex occupies a 16-acre lot at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway, in close proximity to the 405 Freeway. Originally developed in 1987, and featuring an above average occupancy rate of approximately 98 percent, the complex features a tenant roster including names such as Baker Corp, SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp.
In other real estate news from the area, TIAA-CREF recently completed the acquisition of an industrial property in Carson. Located at 16325 S. Avalon Boulevard, the multi-tenant warehouse and distribution asset offers up 210,700 square feet of leasable space. The property was bought from Trammell Crow, an entity specializing in the sale of completed spec developments to investors.
The value of the transaction made by Teachers Insurance and Annuity Association – College Retirement Equities Fund was not disclosed. The facility is a Class A commercial real estate property that was developed on a land parcel bought by Trammell Crow back in 2011 from Evergreen USA. The company later developed the property which features 26 loading docks and 32-foot-high ceilings and is pending LEED Silver certification.
Image courtesy of bixbyland.com