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NEWPORT BEACH, CA-Bixby Land Co. has sold a 115,186-sf industrial building in Costa Mesa and has leased 73,500 sf of an industrial/R&D building in Redlands to the US Postal Service. The Costa Mesa building is at 1650 Sunflower Ave. and the Redlands building is at 1455 Research in the 227-acre Bixby Redlands Business Center.

The buyer of the Costa Mesa building, which includes 1.5 acres of adjacent land, was Panattoni Development Co. The building includes 16,000 sf of second-floor office space and is close to the I-405 Freeway as well as the San Joaquin Hills Route 73 Toll Road.

According to Greg Gilroy, vice president of asset management for Bixby Land, the timing for the sale was right because the tenant in the building was preparing to relocate. He says that the building appealed to developers like Panattoni because of its location near freeway access and amenities. The deal was brokered by John Griffin of Voit Commercial Brokerage, who represented both Bixby and Panattoni.

In the Redlands deal, the 73,500 sf that the US Postal Service leased is part of a 147,000-sf warehouse. The USPS has installed mail handling equipment throughout the building, where it plans to employ approximately 100 workers. The lease was brokered by Mike McCrary, Peter McWilliams and Ruben Goodsell of Colliers International, who represented both Bixby and the USPS.

Terms of the two Bixby deals were not disclosed. Average asking sales prices for industrial buildings in Orange County stood at $160.71 per sf in the first quarter, according to the latest report from Voit Commercial Brokerage. Average asking lease rates for industrial space in the Inland Empire East submarket were 42 cents per sf per month, triple net, according to the latest market survey by Colliers.

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