Parallel Capital Partners Acquires Bixby Office Park in Seal Beach for $85 Million

PRLog (Press Release) - Feb. 27, 2013 - Parallel Capital Partners, Inc. (http://parallelcapitalpartners.com/) has announced the acquisition of Bixby Office Park, a three-building complex in Seal Beach, Calif., for $85 million. The acquiring entity was PCPI BIXBY, LP. The seller was a large national insurance company.

Bixby Office Park is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach, Calif., 90740. The 297,241-square-foot complex on 15.8 acres was built in 1987. The complex is currently 98% occupied, with major tenants including Baker Corp., SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp.

Adam Edwards and K.C. Scheipe of Eastdil Secured represented the seller.  Parallel Capital Partners represented themselves in the negotiations.

Matt Root, a Parallel Capital Founding Partner, said, “This is the largest office deal completed in Orange County to date in 2013 and is indicative of the improving conditions in the markets in the western United States where Parallel Capital Partners does business.  We see the opportunity to do additional high-quality deals in this region throughout this year and significantly expand the size and value of our portfolio.”

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in the western United States and Hawaii.