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Bixby Land Buys Corona Office Bldg., Lands 50,000 SF Tenant

CoStar

Sourcing the market for a suitable location for Atkinson/Walsh, the design-build joint venture that won a $632 million contract from the Riverside County Transportation Commission (RCTC) to oversee the SR-91 corridor improvement project, Bixby Land Co. found what it needed in 2455 Anselmo Dr., a three-story, 75,426-square-foot office building in Corono, CA.

Bixby bought the previously vacant office building and immediately filled two-thirds of the space at closing with a lease from Atkinson/Walsh. The design/build venture will occupy the top two floors of the building, taking approximately 50,000 square feet, on a lease valued at approximately $3.2 million.

The former Monster Beverage facility was marketed by a team from Cushman & Wakefield in a direct deal with Bixby Land. Located on the 91 Freeway at McKinley St., the building was built in 2009, but never occupied. According to sources, Bixby acquired the vacancy building at 50% of replacement cost.

In the lease transaction, Randy Parker and Steve Card of Travers Realty represented the tenant, while Bixby represented itself in the transaction. The RCTC also is planning to lease space in the building to be near the freeway restoration project.

"This was 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.

Bixby Land Co. 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.