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9/27/16
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Parallel Capital Partners has secured $48.5 mil from Pacific Western Bank to refinance The Ranch at Seal Beach, as well as completed lease transactions at the property valued in excess of $20 mil.
Parallel acquired the 297.4k sf, Class A office complex – previously known as Bixby Office Park – in 2013 for $85 mil and soon after embarked on a rebranding and repositioning program, developing a new logo, name and signage for the three-building property. Parallel oversaw $1.5 mil in capital improvements incorporating extensive lobby, signage and elevator upgrades.
Built in 1987, The Ranch at Seal Beach is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Pkwy in Seal Beach. The complex houses tenants including Leidos, Olson Urban Housing and Merrill Lynch.
Since Parallel took over, the property has attracted multiple high profile tenants – inking deals with KPMG, Keller Williams, UBS Financial Services, Wells Fargo and Finance of America Mortgage and collectively leasing nearly 75k sf of new and existing space. Lease transactions include:
• KPMG leased 20k sf of new office space for 127 months
• UBS leased 10.6k sf of new space for 125 months
• Wells Fargo renewed its 15.6k sf lease until 2022
• Keller Williams leased 10.6k sf of new office space for 90 months
• Finance of America Mortgage relocated and expanded to 14k sf for 78 months
With these latest transactions, the nearly 16-acre complex is now 93 percent leased. George Thomson and James Estrada of JLL represented Parallel in the transactions.
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