CORONA & IRVINE, CA – Bixby Land Company has acquired a three-story, 75,000 square-foot office building at 2455 Anselmo Drive in Corona, Calif., leasing two-thirds of the previously vacant building at closing to Atkinson/Walsh, the -builder joint venture that in May 2013 secured a $632 million contract from the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project.
The Atkinson/Walsh venture will occupy the top two floors of the building, approximately 50,000 square feet, on a lease valued at approximately $3.2 million. The tenant was represented by Randy Parker and Steve Card of Travers Realty, while Bixby represented itself in the transaction. The RCTC also plans to occupy a portion of the building as it collaborates with Atkinson/Walsh on the freeway restoration project.
Bixby Land Company cited the building’s excellent freeway exposure to the Riverside Freeway at McKinley Street and the scarcity of large blocks of contiguous space in Corona as instrumental in the firm’s acquisition of the building.
“We viewed this as a great opportunity to invest in a building at approximately 50% of replacement cost and immediately add value by securing an anchor tenant,” said Bill Halford, president and CEO of Bixby Land Company. Terms of the sale were not disclosed.
The acquisition furthers Bixby’s active value addstrategy on the West Coast. The Irvine, Calif.-based firm has made several office building acquisitions over the past three years, including properties in El Segundo, Torrance, San Jose and Carlsbad, Calif. Bixby has completed the renovation of two office projects in Silicon Valley that have been fully leased, and currently has three renovations underway.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of assets under management nearing $1 billion. The company is a privately-held REIT with a focus on core industrial and value add investments in R&D and office properties throughout the Western U.S. Bixby Land Company has a vertically integrated operating platform backed by a veteran management team. For more than 100 years, Bixby Land Company has been committed to adding value for its investors and shareholders.