Bixby Buys in OC Again
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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.