TUSTIN, CA—Bixby Land Co. has purchased 15771 Redhill Ave., a 79,756-square-foot office property here, from 15771 Red Hill LLC for $13.3 million. The firm plans to transform the building into a contemporary workplace, investing another $11.7 million into renovations that will include the addition of 10,000 square feet of space as well as interior and exterior upgrades.
The seller was represented in the transaction by Mike Hartell of Voit Commercial, while Bixby represented itself. This is Bixby's third building purchased in Orange County for creative-office development in the past year, marking the continuation of its strategy to deliver modern office projects with exceptional outdoor amenity areas. Bixby has invested more than $425 million in this strategy over the past three years and now has almost 700,000 square feet of projects in its development pipeline.
The firm recently completed its gen2 building in Irvine and is in final lease negotiations with a 30,000-square-foot tenant for two-thirds of that building. Bixby also just started construction on Avalon, a 46,000-square-foot office building at 1501 Quail St. in Newport Beach that is slated for occupancy in Spring 2015.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
