Parallel Capital Scores Refi for Rejuvenated Office Complex
- Sep 30, 2016
Orange County, Calif.—A Seal Beach office complex has been refinanced with $48.5 million from Pacific Western Bank. Property owner Parallel Capital Partners has also completed leasing agreements worth about $20 million during its stint as landlord at the property. JLL representatives George Thomson and James Estrada handled Parallel’s end of the leasing deals.
Formerly Bixby Office Park, The Ranch at Seal Beach is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach, Calif. The complex totals 297,410 square feet of office space and occupies a 16-acre plot of land. Following successful leasing agreements with tenants such as KPMG and Wells Fargo, occupancy is now at 93 percent.
Roughly 75,000 square feet of space have been leased out since Parallel purchased the asset for $85 million in 2013. The deals included a 20,066-square-foot lease by KPMG for 127 months, a 10,628-square-foot, 125-month agreement with UBS, Wells Fargo’s 15,590-square-foot renewal until 2022, as well as deals with Keller Williams and Finance of America Mortgage for a joint 30,000 square feet. These were the result of an aggressive leasing process, as well as capital improvements of about $1.5 million including signage and elevator upgrades.
Image courtesy of Parallel Capital Partners