Bixby Land Co. continues to bulk up its office portfolio in Orange County. The latest purchase is 26880 Aliso Viejo Parkway, in Aliso Viejo, and is the fifth office acquisition the firm has made in the county in the last two years.
Bixby bought the asset for $11.6 million from Harsini AVP Holdings, LLC. The 53,115-square-foot facility is in the Town Center Corporate Park and is 69 percent leased. Bixby executives plan light exterior upgrades and a more significant overhaul to the lobby and tenant spaces.
This purchase follows the firm’s $44.3-million buy of the Kawasaki headquarters in Irvine. Bixby officials like the market because there is a lack of creative office space that many tenants are demanding in the current environment.
In this particular deal, Bixby represented itself, while Newmark Grubb Knight Frank brokered the transaction for AVP.