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4/07/15
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Bixby Land Company has added to it portfolio with the recent acquisition of a 262.5k sf corporate HQ building in Irvine. The property, located at 9950 Jeronimo Rd, east of I-5 and north of Bake Pkwy, was purchased from Kawasaki Motors Corporation USA for $44.25 mil ($169/sf).
Bixby plans an extensive $20 mil redesign to meet the growing demand for modern work spaces in Orange County, especially from larger tenants.
The property redesign centers on an interior access corridor beneath a high-volume glass canopy, where plans call for a fitness center and an indoor/outdoor café. The entryway bisects the building into three separate areas and provides an aesthetic backdrop for the signature Bixby Retreat™, a spacious outdoor gathering area for tenants that defines Bixby developments throughout the state.
The building will also undergo significant upgrades to the exterior façade, including the addition of floor-to-ceiling glass lines and decorative screen metal canopies at building entry points. Design work is being handled by architecture firm LPA.
Kawasaki Motors Corporation was represented in the transaction by Gregg Haly of CBRE.
This latest acquisition is Bixby’s fourth in Orange County over the past 18 months. The firm also recently purchased 15771 Redhill Ave in nearby Tustin. That project is in development for one or two users in a 90k sf building.
Separately, Bixby is nearing completion on Avalon, a 46k sf, multi-tenant building at 1501 Quail St in Newport Beach. The firm has also completed and leased gen2 in Irvine, where cosmetics firm Too Faced leased the entire ground floor in January 2014. Gen2 is now 100% leased.
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