Bixby Sells South Bay Office for $68.5M
Just a few years after picking up the eight-story Pacific Center in Torrance, Bixby Land has sold the repositioned property to Stream Realty Acquisition for a big profit. CEO Bill Halford says the firm took a comprehensive approach to the project, adding a number of fancy amenities. Bixby performed significant exterior upgrades, added eco-friendly landscaping, and made major interior improvements to the tenant spaces, common areas and restrooms. The LEED-certified and Energy Star-rated building was rebranded Pacific Center. Bixby bought the 291k SF property from TA Associates for $52M in July 2012. The South Bay market has been heating up as of late. Here are the most expensive offices in the market.
The project, formerly known as South Bay Tower, was 63% leased when Bixby made the buy. Since the repositioning, the firm has signed about 55k SF of new leases, including major deals with All Nippon Airways and Living Social. It's now 80% leased. Bixby was repped by CBRE's Kevin Shannon and the buyer repped itself.