Bixby Buys in OC Again
OC needs more collaborative office space, Bixby Land SVP of operations Aaron Hill tells us, and the company recently acquired 26880 Aliso Viejo Parkway in Aliso Viejo for more than $11M for the purpose of making it over into creative space. The 53k SF building in Town Center Corporate Park is only about 30% leased, and Bixby will invest in upgrades and finishes to refocus the 2000-vintage interior (the golden age of the cubicle). It's the fifth property Bixby has acquired in OC in the last two years, including the $44M buy of the Kawasaki HQ in Irvine last month.
Aaron says strong market fundamentals and the meager supply of creative office space made the building attractive as a creative value-add. He cites the newest CBRE data, which puts the Aliso Viejo market at a tight 3.2% vacancy, with no new office under construction. Newmark Grubb Knight Frank's Doug Matthews and Gary Allen repped the seller, while Bixby repped itself in the deal.